If you currently spend money on any of the following items – or plan to in the future, a Private Health Services Plan (PHSP) saves you money.
Note: This is a partial list of tax-deductible medical expenses. All allowable expenses must qualify as outlined in the Income Tax Act. Please refer to CRA Interpretation Bulletin S2-F1-C1 for a full list of allowable expenses.
Insurance companies work on a 20% - 25% profit margin on group insurance premiums. Ask your insurance broker for a "Claims Experience Ratio”. This will show money you paid in premiums vs. what claims were actually paid out. This will give you an overall view of what you’re leaving on the table. Group Extended Health and Dental coverage is usually an amortization of pre-paid expenses with a profit margin for the insurance company built in.