PRIVATE HEALTH SERVICES PLAN
PROVIDE FOR YOURSELF, FAMILY & EMPLOYEES
Private Health Services Plan (PHSP) is a Canadian Revenue Agency (CRA) approved health savings plan that provides a tax-free way to finance healthcare costs of yourself, family or employees, allowing a business owner to expense medical costs through the company.
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.
EMPLOYEE PHSP RESOURCES
EMPLOYER PHSP RESOURCES
PHSP ELIGIBLE EXPENSES
VISION
A PHSP plan can help provide proper and sometimes essential vision care products and services such as eyeglasses, contacts, and other eyewear if prescribed, are all eligible medical expenses under the PHSP.
PRESCRIPTIONS
A PHSP plan covers prescription medicines, drugs, and medical expenses if purchased by the employee, or dependents, as prescribed by a medical practitioner and dispensed by a pharmacist.
DENTAL
PHSP coverage covers the amount paid to a dentist, hygienist, orthodontist or dental surgeons for dental services provided to the patient. Dental and oral health care are eligible medical expenses.
COSMETIC
The amount paid to a medical practitioner for surgery, whether cosmetic or elective generally qualifies as a PHSP medical expense. To qualify the surgery is done for a valid medical reason.
PROFESSIONAL SERVICES
Chiropractors, Denturists, Osteopath, Psychiatrists, Physicians, Massage Therapists, Psychologists, Practitioners, Midwife, Neurologists, Occupational Therapists and others qualify under PHSP expenses.
TRANSPORTATION
Medical transportation such as an ambulance is a PHSP expense. Other eligible transportation expenses include transport service transporting a patient to a clinic, hospital or doctor’s office.
TAX SAVINGS
As a business owner, you realize tax savings when you purchase health and dental expenses with before-tax dollars – an immediate saving equal to your personal tax bracket. Health expenses become a tax-deductible business expense, and reimbursements are paid to you personally, tax free.
NO PREMIUMS
Not only are there no premiums to pay, but also our PHSP offers the lowest administration fees in the industry. Our pay-per-claim plan charges an administration fee on claims, as claims are submitted.
HOW HEALTH SPENDING ACCOUNTS WORK
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 by 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 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.
WHAT PHSP IS BEST FOR YOU?
PHSP is one of the most flexible Health Spending options available, control the amount of benefits you and your team use!
SOLE PROPRIETOR
SMALL BUSINESS
CORPORATION
BENEFITS TO EMPLOYERS & EMPLOYEES
The Puhl / Private Health Services Plan (PHSP) is a comprehensive benefits plan that provides flexible coverage, and a management tool that controls costs for business owners and their employees. It provides the security of a benefits plan without expensive premiums or restrictions. PHSP Information:
Tax Savings
The PHSP health and dental claims are tax deductible to the business and are received tax-free by the employee. This results in a savings equivalent to the employees’s personal tax bracket. A PHSP changes how a business manages its benefits plan. The employer designs the limits and self funds the claims. The employer is in control.
Low Administration Costs
Not only are there no premiums to pay, but also our PHSP offers the lowest administration fees in the industry. Our pay-per-claim plan charges a 8% administration fee on claims, as claims are submitted.
Cost Control
Employers decide how many credits / dollars will be applied to employees’ Health Spending Accounts each year. Therefore, the employer knows the maximum amount to be spend on the employee benefit plan in a given year.
100% Reimbursement
Employees are reimbursed for 100% of their health, dental and vision expenses (up to the plan maximum), with tax-free dollars.
Flexibility
PHSP Employee Health Spending Accounts can be used for medically necessary health, dental or vision expenses. Employees use Health Spending Account credits on the services they need, when they need them.