Private Health Services Plan,PHSP

One of the Lowest Cost Private Health Services Plans (PHSP) in Canada

A Private Health Services Plan (PHSP) is for small and medium sized businesses to provide health benefits to themselves and their employees while enjoying substantial tax savings. A PHSP is a low cost alternative to Insured Plans.

Main Distinguishing Features of a PHSP

  • A PHSP can be used by sole proprietors, self-employed, contractors, consultants, tradesmen, professional corporations as well as traditional incorporated businesses.
  • There are no premiums; the business only pays when a claim is submitted.
  • Your business funds the entire cost of the PHSP plan and claims a 100% tax deduction.
  • The cost is a fixed percentage of the claim so you know exactly how much you are paying for your PHSP service.
  • Reimbursements to employees are not taxable benefits (except in Quebec).
  • The Covered Services eligible under a PHSP are more comprehensive than most Insured Plans. They include almost every health service provided by registered health care practitioners. See What is Covered for details.

The Benefits of a PHSP for the One Person Business

These businesses would include sole proprietors, self-employed, and contractors, as well as incorporated consultants, tradesmen, and professional corporations. This size of business enjoys the greatest tax advantage with a PHSP. Since your family will incur these health expenses regardless, you will now enjoy a 100% tax deduction for your family health costs. Every established business in this category should have a PHSP.

For the average family in Canada, the annual medical expenses can easily amount to $2000. A typical, healthy, family may only need to have a visit to the dentist for each family member, a pair of glasses, and a few prescription drugs to reach that amount. Depending on your personal tax rate and province of residence, your savings with a Brock Health Administration Private Health Services Plan (PHSP) can range from $350 to $850.

  • Make your family medical expenses 100% deductible.
  • Reduce your business taxes.
  • Get comprehensive coverage of all the routine expense with few limits.
  • Pay less than you do today in premiums for an Insured Plan.
  • Supplement plans held by a spouse who is employed outside your business.

The Benefits of a PHSP for the Small Business

These businesses would include sole proprietorships or corporations that have employees who are non-family members. Now health benefits are costing you right off the bottom line, so you are looking at cost versus value. You want to minimize liability and maximize the net results for your employees.

  • Comprehensive benefits of a PHSP are a superior retention incentive over Insured Plans.
  • Freeze your health benefit costs permanently at a dollar amount your business can afford.
  • You can budget and forecast with certainty because your costs will never change until you want to increase or decrease them.
  • If you prefer the catastrophic coverage offered by Insured Plans, a PHSP can cover all those little ineligible expenses under your Insured Plan. Your employees will love you for it.

The Benefits of a PHSP for the Medium Sized Business

This category of businesses would include those who have now grown to a dozen or more employees. While still enjoying the benefits of the previous categories, you are now faced with privacy concerns and the administrative workload of your claims processing. Brock Health offers several options for prepaid plans to handle the additional administration for the same low fee.

  • Your employees can submit claims directly to Brock Health for reimbursement.
  • Funding of the plan can be tailored to fit your cash flow requirements.
  • Reporting can be as frequent as you need.
  • Your PHSP can operate as a low cost top-up to cover gaps in your other plans you might carry.

Brock Health Administration offers one of the lowest cost PHSP in Canada. If you own a business; incorporated or not, you can start saving money now. Ask your accountant about a Private Health Services Plan (PHSP) and enroll today.