Private Health Services Plan: A Benefit To Your Small Business
Private Health Services Plans (PHSP) is a Canada Revenue Agency (CRA) approved plan that has been part of the income tax act since 1986. This is an amazingly flexible plan and a great alternative to group insurance. It allows medical expenses of employees to become a deductible business expense for the employer. This Nationwide plan provides affordable medical coverage for both the self-employed and small business owners. Large corporations also benefit from this low cost plan, and their employees are provided with an exhaustive list of eligible expenses.
A PHSP is a simple plan with radical benefits for your small business. Why?
Once the PHSP is set up, personal healthcare, dental and vision costs paid with after-tax dollars are now submitted to the plan and the reimbursement is a non-taxable medical benefit to you and your employees. Claims submitted to the plan during the fiscal year is a fully tax-deductible expense to the company.
Not only is the plan amazingly flexible. It’s a fantastic alternative to group insurance. It rewards business owners and executives by enhancing their current benefits and covering medical costs not offered through traditional insurance plans.
A PHSP can either replace portions of existing Group Insurance or supplement it. Better yet, it’s more cost and tax efficient than any other plan available. We put the control back in the employer’s hands to set up different classes for employees if no other benefits are offered.
After enrolling more than a thousand plus Private Health Services Plans over the last 20 years, June offers the experience and insight to help streamline the process and create the right design to suit any client’s needs.
Put her impressive organizational and interpersonal skills to work for you today.
Complete the online form or contact June Borlé at (604) 874-4429 or Toll-free (888) 880-2266.