Your Number-One Benefits Alternative
Private Health Services Plans (PHSPs) are the number-one alternative for Canadian small businesses to provide full-coverage for Extended Health Care, Prescription Drugs, Hospitalization, Dental Care, and Vision Care for their employees!
Small businesses can now deduct 100% of their family’s health and dental expenses through their business, saving over 30% – tax-free. Say goodbye to traditional plan premiums and hello to personalized benefits. With a PHSP, you only pay for what you need when you need it, whether it’s prescription medications, therapeutic therapies such as massage or chiropractic, dental and orthodontics, and beyond! No more wasted money on unused services!
Larger companies with employees can also take advantage of a Private Health Services Plan by implementing programs such as Health Spending Accounts, Flexible Spending Accounts or Cost Plus Plans for Executives.
Private Health Services Plans are amazing! They offer you the freedom of providing coverage for an extensive range of eligible expenses…no square boxes, no restrictions on the type of expenses you may require or how much you may spend on any particular service! 100% coverage! CRA provides a guide of Eligible Medical Expenses that are acceptable expenses through a Private Health Services Plan. Some expenses that may interest you and your family are:
With Health Risk, you can explore the various options available and find a plan that fits your benefit plan philosophy budget and healthcare needs. Don’t settle for generic healthcare services – discover the advantages of Private Health Services Plans today by booking a discovery session with Health Risk.
A Private Health Services Plan (also known as a PHSP) is an alternative to traditional health insurance. PHSPs have unique properties that other plans do not provide. Used by thousands of small business owners across Canada, a PHSP is a cost-effective way to provide health and dental benefits to employees. In simple terms, health and dental benefits offered through this plan are fully tax deductible to the business and received 100% tax free by the employees. There are no premiums, hidden fees, deductibles, copay, or complex policies.
For entrepreneurs and self-employed professionals, this effective tool can be used to cut your taxes and reduce your medical costs. The PSHP gives you the ability to write off health and dental expenses which can potentially create savings of more than 30% on medical and dental related expenses.
When it comes to provincial health plans, they give you access to basic medical services, while private health plans cover additional things that government health plans do not cover.
A Private Health Services Plan, also known as Cost-Plus or a Private Health Trust, is an affordable, flexible option for small business owners to provide hospital and medical benefits to their employees, including extended health, dental and vision, and receive preferential tax treatment.
Cost effective and tax efficient, Cost-Plus plans can provide up to 100% coverage on all health, dental an vision-care related expenses. The Private Health Services Plan (PHSP) can stand alone or supplement existing healthcare plans that don’t offer full coverage or miss some types of coverage completely.
Many cookie-cutter plans miss out on services that an employer wants to offer his employees or they are grouped with less desirable coverage that make the whole thing cost prohibitive (think how the cable company used to charge for channels).
With a PHSP nobody pays for coverage that’s not used or needed, there are no monthly premiums to pay and the program covers all health-related expenses eligible under the Canada Revenue Agency Income Tax Act.
Available to incorporated employers and sole proprietors alike, the PHSP provides tax free health and dental services for themselves, their dependents, their employees and their employees’ dependents. All the services available through the Cost-Plus benefit plan are 100% tax deductible to the corporation or the sole proprietor.
The employer defines which employees participate in the plan and sets the level of coverage. The program is infinitely flexible in terms of coverage and much more inclusive than an out-of-the-box employee benefits program that can meet the needs of some but never of all of an organizations valued employees.
Strong companies know that if they look after their employees, their employees will look after their customers. This builds a strong culture and helps the company recruit and keep good people. And the best way to do this is to show your people that the company cares about them and their families, a Private Health Services Plan makes it easy to demonstrate that care.
The flexibility of the program makes it affordable for any business to offer outstanding primary or supplemental health coverage to their employees and Health Risk makes it easy by setting everything up and then administering the program for you.
Don’t wait, contact Health Risk today and ask them about a Cost-Plus program. They will explain how easy it is to set up and the terrific benefits you’ll be able to offer your employees. Then tell your employees about the great new program you’ve put in place to protect them and their families.
Stay tuned for the introduction of our TOTALHealth™ program! To be launched in 2023.