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INSURANCE: Medical/Dental
NEW For Business Owners . . . .
The secret to saving thousands on
your health and dental expenses!!
The problem
For many business owners, the cost of having a formal Health Services plan is
prohibitive, especially for those running small businesses. The
problem has been escalating health care costs, and limited
cost-effective alternatives. Reduced benefits in Public Health Care
programs are increasing the number and level of services not covered
by Provincial Health Care plans. Private insurance companies have
not economically adapted and evolved to fill the gap, and high
premium levels discourage small business owners from providing
health care benefits to employees.
What if there were no premiums to
pay, no restrictions, and no waiting periods or medical history
requirements? What if your Private Health Services Plan allowed all
of your medical costs to be properly paid by your company on a
tax-free basis? What if we told you it was
possible?
The solution
Private Health Services Plans (PHSP) are a cost-effective, efficient, and
professional way to solve this problem.
Why go for a Private Health
Services Plan?
As a business owner you are probably paying for many medical services in
hard-earned after-tax dollars. Perhaps you have a medical insurance
plan, but still reach into your pocket for the “patient pays”
portion of the bill. Small, incorporated companies can increase
cost-efficiency and enable more effective tax planning. Large
companies can increase employee retention, control escalating group
plan costs, and streamline administration. PHSP’s must be
administrated by a 3rd
party Trustee and Administrator in compliance with CCRA
(Revenue Canada) laws.
Who qualifies for a Private Health Services
Plan?
- Incorporated Business Owners -
professional corporations, consultants, contractors etc. The size
of your corporation has no bearing eligibility. You may have a
one-person plumbing corporation or an oil and gas business with
fifty employees. Small and large firms will benefit from a PHSP.
Current medical status does not affect eligibility.
- Sole proprietors or unincorporated business
owners - to qualify, you must pay income taxes and
have health/dental expenses. You will save more as your income and
expenses increase.
What’s covered and how much does
it cost?
One hundred percent of virtually all dental and medical expenses, including crowns, dental
implants, periodontics, orthodontics, laser eye surgery, fertility
treatments, nursing home care, prescription drugs, naturopathic and
alternative treatments, and more. Best of all, there are no
premiums. A one-time tax deductible setup fee of $200 is required,
and then you pay only a 10% administration fee (plus applicable
taxes) on actual expenses. For example, if your health care expense
was $1,000 + 10% administration = $1,100 actual cost. This $1,100 is
fully tax deductible and gets you a tax refund of approximately $500.
What if my spouse has a group
plan?
Even if you are covered by a spousal plan, most group plans come with deductibles,
co-insurance, and often exclude a number of procedures. Consider a
PHP in addition to your group or spousal plan to expand your
health-care options and maximize your tax deduction.
Can I get coverage for
unexpected illness?
Yes – for just pennies a day you can purchase medical insurance to protect against expensive
and unexpected health and drug costs, including out-of-country coverage.
EXAMPLE
Net income of $50,000 per year with family medical
expenses of $1600
WITHOUT A PRIVATE HEALTH SERVICES PLAN
(or PHSP)
COSTS $1600
(3% of net income)
DEDUCT $1500
$100
TAX CREDIT*
$25
*based on a combined Federal and
Provincial rate of $25%
COMPARE A TAX CREDIT of $25 Vs.
TAX DEDUCTION of $1760
WITH A
PHSP
COSTS $1600
ADMIN FEE (10%)
$160
$1760
TAX DEDUCTION $1760
*Medical Expense Tax Credit:
The
federal tax credit consists of 16% of
expenses in excess
of the lesser of: $1,755 or 3%
the individual's net
income for the year
Who Qualifies?
What's Covered?
Frequently Asked Questions
In Province Medical /Travel Medical Coverage
How do I go about setting up the PHSP plan?
Fill out the
on-line application form and someone will contact you to guide you through
the process.
Don’t waste another
dollar on medical and dental expenses - Call Today!
If you are a consultantIf you are a consultant, contractor, sole proprietor, or small business owner,
you owe it to yourself to see how much money you could save by using a PHSP for
your health care expenses. Call 1-877-683-9322 for more details You’ll be
surprised by what you discover. What have you got to lose?
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