The PHSP is the perfect plan for self-funding employer & employee healthcare expenses.  This is a 'pay-as-you-claim' plan in which an employer-funded flexible benefits plan is used like a bank account to pay for 100% of all eligible medical expenses, tax-free.

The PHSP participant starts each plan year with a designated number of credits / dollars in an Employee Health Spending Account (EHSA) as determined by the plan sponsor (owner / employer).  Premiums are not required - this is a 'pay-as-you-claim' plan, so no claims mean no costs.

Throughout the year, the participants use the tax-free credits / dollars to pay for medical, dental and vision care expenses and Sub Plan premiums that are not covered through other plans.

Eligible expenses include, but are not limited to:

• prescription drugs

• laser eye surgery

• crowns and cosmetic dental work

• orthodontics for adults and children

If a participant has additional coverage (spouse's plan), both plans can be used to recover health and dental care expenses to a 100% maximum.  Claim first from the conventional plan.

Your company submits the original receipts with a cheque to the PHSP for the amount of the receipts plus the cost of processing (5%) and applicable taxes.  The business deducts the entire cost.  The PHSP then issues a tax-free reimbursement to the claimant.  No money is required by the PHSP until a claim is submitted.