Health Insurance

Maximize your tax savings on all your health bills.

Small businesses of any size with employees and dependents are eligible to qualify for a Private Health Services Plan (PHSP), which allows employee healthcare and dental services expenses to be applied as tax deductions. PHSP can be used as stand-alone insurance or in combination with existing group insurance coverage.

With today’s rising healthcare and dental costs, and an aging population, PHSP is an ideal way to maximize your tax deductions, customize flexible benefits for employees and reduce costs.

For more information, contact Ironman Financial or visit www.hubfinancial.ca.

Who Qualifies?

*Corporations

Increasingly, corporations find themselves facing rising benefits costs combined with more restrictive contracts. With PHSP, corporations can take advantage of a new approach that can reduce expenses by as much as 30 per cent while providing increased flexibility and control over employee benefits.
No limits or conditions apply.

*Provincial Medical / Travel Medical is available but not compulsory for corporations.

*Unincorporated/Self-Employed Individuals

Before 1998 self-employed individuals had only two ways to pay for medical and dental expenses:

  • Group insurance, which does not always cover many of the available services and is subject to deductibles and co-insurance
  • Cash payout, which offers little or new tax deductions because of Canada’s 3-per cent ceiling on the medical expense tax credit

With PHSP, self-employed individuals and unincorporated entities can deduct 100 per cent of their eligible healthcare services. Remember, PHSP can be used as stand-alone insurance or in combination with existing group insurance coverage.

Annual limits on healthcare expenses apply:

  • $1,500 for each adult and $750 for each child

Under this scenario a family of two adults and two children has a maximum benefit of $4,500. This can be used by any one individual or as needed within the family.

*Canada Customs & Revenue Agency ‘CCRA’ requires an element-of-risk component for unincorporated/self-employed individuals. The element of risk associated with PHSP is Provincial Medical/Travel Medical Insurance.