What is a PHSP (Private Health Services Plan)

A Private Health Services Plan (PHSP) is a Canadian tax-free program provided to cover the potential healthcare costs of employees. PHSP’s are alternative forms of traditional insurance that are ideal for covering the health needs of several individuals under a single policy. A PHSP can have great benefits for employees and business owners alike.

A PHSP can cover some or all of your health and dental needs. PHSPs can also cover the healthcare needs of your dependants and loved ones. Self-employed entrepreneurs can still utilize a PHSP to cover their personal healthcare needs and help to reduce your personal tax costs. Offering a PHSP to your employees can also help with your business reputation and attract the best potential employee candidates to your business. If you own a business, have medical bills and pay you income taxes, you should qualify for a PHSP. PHSP’s are very beneficial for a range of different healthcare protection and financial goals.Image result for What is a PHSP (Private Health Services Plan)

Employees can see a number of financial benefits in regards to their healthcare needs, with an effective PHSP.  An absolute range of health and dental services are covered for employees under a PHSP. Partial or full costs for hospital stays, prescription drug costs, dental services as well as other health and dental specialists with a PHSP. Even the expenses of spouses can be claimed under employee’s PHSP.

Employees aren’t the only beneficiaries of PHSP’s. Business owners also receive a number of advantages from providing a PHSP to their employees.  Employers who utilize PHSP’s reduce their tax expenses, improve their company reputation, receive costs control benefits and much more. Employers of large companies and self-employed entrepreneurs receive great benefits from PHSP’s.

A PHSP can cover a number of individual expenses and result in flexible costs savings for employees and employers alike. For more information on how a PHSP can improve your lifestyle or business, contact a trusted employee benefits and insurance provider.

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