PRIVATE HEALTH SERVICES PLAN (COST PLUS)

The PHSP or the Cost Plus Program is an inexpensive way for incorporated employers to provide health and dental services for themselves, their employees and dependents. Through Equinox Insurance Services, the cost of these services are 100% tax deductible to the corporation or incorporated individuals, and are provided tax free to employees under the Plan. As there are no premiums, you never pay for coverage you do not want or use – you simply pay as you go.

This cost-effective program can be used as a stand-alone program, or in conjunction with traditional group plans, as it will pay for eligible health and wellness expenses not covered under existing employee benefit plans.

How it Works

The insured pays for the healthcare expenses, and then submits these receipts with the Claim Form to the employer. The employer submits a cheque covering the cost of the expenses to Equinox Insurance Services (the plan administrator), plus a 10% Service Fee, plus GST on the Service Fee. Both the cost of the expenses and the Service Fee are tax deductible. Equinox Insurance Services then provides the insured with a tax-free reimbursement of the expenses incurred.

Links to Forms for Cost Plus:

Corporate Data, Service Agreement, Employee Enrolment Form, Manual, Claim Form, Health Expense Form

The above is meant to give a brief overview of Private Health Services Plans.  For more information please call us at 604.687.7773 or email solutions@customplanfinancial.com