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PHSP Health Spending Account  
Privatehealthinsurance Your Private Health Services Plan
Serving all of Canada
 
   How it Works | Who Is Eligible | Your Company Pays | What is the Cost? | Advantages | You Save | No Premiums to Pay
     
  How does A Private Health Services Plan (PHSP) work?  
       
 

PHSP was introduced as a cost efficient and
tax effective means of providing health and
dental benefits for small and medium sized businesses.

You pay your health and dental expenses as
you normally would. Your business then pays
Cost Efficient Benefit Plan (the plan administrator) a payment to cover the
expenses, plus a 5% administration fee
(both of which are tax deductible).

Cost Efficient Benefit Plan then provides you (the employee) with a tax-free reimbursement of the expense incurred and a statement to the employer.

The PHSP is an inexpensive way for
incorporated employers and sole proprietors
to provide tax free health and dental services for themselves and their dependents, their employees and their dependents. These services, available through Cost Efficient Benefit Plan, are 100% tax deductible to the corporation or the sole proprietor.

Cost Efficient Benefit Plan can help you tailor
the right plan for you and your employees.
   
 
 
 
   
     
  Alternative benefit plans normally do not
provide the coverage desired or are simply
not cost efficient. PHSP fills the gap. You
never pay for coverage you do not use or need.
 

 
Here is an example of how the PHSP works:

You submit your heath or dental receipts, e.g. $1,000.00 to Cost Efficient Benefit Plan including a payment from the company of $1,000.00 plus 5% administration fee and 5% GST (on the administration fee only). This comes to $1,052.50.

Cost Efficient Benefit Plan then reimburses you (the employee) with a tax-free payment equal to the expense incurred and provides a receipt for your business.

 
 
       
     
         
  SMALL BUSINESS APPLICATION      
         
 

 

      Private Health Services Plan PHSP
PHSP
IDEAL FOR SMALL AND MEDIUM SIZED BUSINESSES
 
Whether you spend a little or a lot on
your health and dental care, your company must still pay a monthly premium on traditional health care plans.
 
     
   
  CORPORATION ORIENTED
   
       

 

      Private Health Services Plan-PHSP
PHSP
DESIGNED FOR INCORPORATED EMPLOYERS
 
If you own a Corporation with a number of employees, Cost Plus can be added as a health spending account to your existing group plan to lower your monthly premiums on your group plan.
 
     
   
  SOLE PROPRIETORSHIP INCLUDED
   
       

 

      Private Health Services Plan-PHSP
PHSP
INCLUDES SOLE PROPRIETORS
 

A Sole Proprietor is a type of business entity that is owned by one individual, where there is no legal distinction between the owner and the business.  Typically there are no employees other than family members.

In this type of business the owner receives all of the profits and is responsible for all of the debts. The year-end profits of the business are combined with all other income that an individual might have and taxes are paid at the current personal tax rate. 

To qualify to use the Private Health Services Plan, the business must generate the majority (i.e. more than 50%) of the individual's income.

       
   Limitations apply for sole proprietors. Canada Revenue Agency's guidelines for Sole Proprietors click here  
  For more information please contact Cost Efficient Benefit Plan  
 
Calgary, Alberta
Roy Olney or Chris McKay

(403) 282-3776
1-800-651-3776

Northern Alberta
Len Ehrmann

(780) 377-1000
1-855-575-5900
Ontario
Dan Gauvreau

(519) 588-8346
1-866-965-2201

British Columbia

Lorraine Ronning

1-844-498-0047

Eastern Canada

Carrie Gauvreau

1-866-965-2201