In our last article we gave an overview of why a PHSP is an excellent way to provide a benefit plan to you and your employees.   The question it raises is what happens if there is a major medical issue that costs, for argument sake, $100,000. You will recall, with a PHSP benefit plan, one of the most critical […]

As a business owner there are fundamental practices you like to follow   You like to control costs. You like to get value for the money you spend. If you have to spend money you want to get a tax deduction for it. As an employer, or self employed, you want productivity and satisfaction. You need to be nimble, creative […]

Insurance companies as we noted in our first article are regulated financial institutions.   A PHSP is not regulated as a financial institution. A PHSP, however, has to follow the rules of the Income Tax Act.   This is a critical distinction. In other words, if a benefit plan does not fall under the rules and legislation of financial institutions […]

As an individual that goes to the dentist, obtains subscription drugs or receives other medical treatment you have to have these costs paid. So how do these medical costs get paid for? There are two basic methods of payment. You can pay for them personally or your company or employer can pay for them as part of a benefit plan. […]