|  Private
Health Services Plan FAQs
Attributes of the Plan:
It's company-owned. No insurance company
It's low cost
Covers all pre-existing medical conditions
There are no monthly premiums
There is no deductible
There is no increase at renewal time
Who Is Covered by the Plan?
Eligible participants may include owner/managers of the company
and their dependants, as well as employees and their dependants.
Each plan is customized to your needs, and can start with designated
employee groups and expanded to cover other staff as your needs
change.
Covered Expenses
The plan can provide reimbursement for all medical, hospital, dental
and vision care expenses that either are not covered or have limited
coverage under an existing plan.
This includes, but is not limited to:
Braces, Chinese medicine, crowns, insulin treatments, massage therapy,
orthopedic shoes, laser eye surgery and hair implants. This is a partial list, see ITA section 118.2 or see the PHSP Medical Expense Guideline for more information.
How does it work?
Your employee pays for an expense and is reimbursed by the company
through Serre Financial Insurance Services Inc. The employee receives a non-taxable
benefit.
Your company expenses, for tax purposes, the benefit amount, administrative
fee and taxes paid to Serre Financial Insurance Services Inc.
Can you give me an example?
Let's say that you own your own company in Ontario, but currently don't have
a Group Health Benefit Plan. Your income is $75,000 and you incur
medical expenses of $3,500.
Without PHSP
Medical Costs
$3,500
Allowable Portion of Medical Expenses
$1,937 [1]
Personal Tax Credit
$350 [2]
Gross income before tax required to pay expense
$5,019 [3]
With PHSP
Medical Costs
$3,500
Administration Costs
$350
Applicable Taxes
$402
Business Expense
$4,252 [3]
Company saves 15.3%
[1] Personal medical expenses less 3% of your annual income, max
$1,937.
[2] Estimate 22.4% Non-refundable Personal Tax Credit
[3] Fully deductible business expense
Take me to the PHSP
Setup Form
For more information, email
us or contact us at 1-866-927-0111
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