Private Health Service Plan From Innovative Benefits
What is it?
Aimed at business owners and entrepreneurs, organizations looking to add value to their employer value proposition, or even as a supplement to existing benefit plans, the Private Health Service Plan offered by Innovative Benefits is more than your average benefits package.
Agile, cost effective, and simple, the plan enables members to submit eligible dental and health expenses and receive full reimbursement for this expense tax free.
In simple terms a PHSP is a self insured employee benefit plan where the tax advantages afforded to larger company plans are made available to many eligible small businesses, and in some instances to sole proprietorships and partnerships. As it is only for “employee’s” of the business, and their dependents you must be recognized and deemed by CRA as being an employee. Also, like a traditional employee benefit plan, all arms length (non related) full time employees are eligible and must be included in the plan or offered participation.
Full customization is available to suit your organizations goals and objectives. You control most aspects of the plan such as:
- Amount of annual coverage for each employee per occupational class.
- Waiting period before eligibility
- Coverage Exclusions and/or limitations
- Carry forward availability
Give yourself, your employees and their families the safety and security of health and dental coverage without taking away from your profitability or adding to your employees taxable income.
We encourage you to browse the information here to learn more about how to set up your own Private Health Service Plan with Innovative Benefits, and when you’d like to learn more, one of our friendly and knowledgeable team members will happily set up an appointment for a consultation, helping you navigate the processes and setting you on the path to better benefits in no time.