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PHSP Business Benefits
Advantages of a Private Health Services Plan:
- Our PHSP's have no premiums, no maintenance or annual renewal fees - we are cost plus
- Medical, vision and dental costs are 100% tax deductible to your business
- Reduce corporate/business taxes
- Reimbursements are 100% tax free to employees
- Employer sets limits for the amounts the employee's are allowed to claim
- Limits will only change the employer decides to change them
- Set up tiers for different employee levels with different expenditure limits
- Help attract and retain employees
- Keep employees happy, healthy, productive and focused
- Pay expenses not covered by existing group or other plans
- If you have an existing group plan, our plan can be used for deductibles and amounts that exceed existing group plan maximums
- Can provide employees a PHSP in lieu of a raise
- No CPP or UIC for employer on payments
- No holiday pay accruals
What's in a PHSP for you?
- No health qualifications
- Tax free health, dental and vision care benefits
- You control your health care costs
- No unexpected or continuing premium increases
What do we do?
- As we are owned and operated by a CPA, CA* and tax expert in the area of PHSPs
- We set up your PHSP in compliance with Canada Revenue Agency ("CRA") guidelines
- We make certain that any claims are eligible so the plan stays onside with CRA
- We are personally available to answer your questions regarding your private health services plan
- We protect the privacy of your personal information
What does a Private Health Services Plan cost?
- No set up fees
- No premiums, pay as you go
- No annual renewal fees
- No maintenance fees
- 10% administration fee
- $4 for each claim processed
- No minimum claim amount