A Private Health Services Plan is an account set up by the employer instead of, or in addition to, an insured health and dental plan.
The primary advantage of this plan is that it allows a company to customize a plan that provides a non-taxable benefit to the employees and is fully tax deductible for the company.
This plan provides a cost effective method for employers to provide health plans for their employees as directed by Canada Revenue Agency.
Employees are empowered to select their own health and dental benefits. With these benefit packages, they select only the coverage they need. This streamlining process can lead to substantial savings for employers.
Advantages of the Private Health Services Plan:
- Tax deduction to the employer
- Tax-free benefits to employees
- Employees select only the coverage they need
- Control costs – employer decides the potential cost each year
- Flexible customizable plans
A wide variety of medical and dental services can be covered under a Private Health Services Plan:
- Professional Services
- Dental Services
- Hospital Services
- Prescription Medicine
- Apparatus and Materials (includes: repairs, replacement batteries, etc.)
- Medical Treatments (if prescribed)