Private Health Services Plan, PHSP
What Is PHSP

PHSP. How to reduce tax burden on health spending for entrepreneurs.

PHSP provides a way for a business to pay for all the medical expenses of employees and their families as well as a business owner himself on a tax-deduction basis. PHSP has been around for about twenty years and is now in place at thousands of small businesses in Canada. However, there are still many entrepreneurs out there including sole proprietors do not consider PHSP and mistakenly think group insurance is their only option to pay the medical bills that Medicare doesn't cover.

In essence, PHSP tax deductions can go up to 100% for small incorporated businesses. Take a look at the following article on business news section of CBC website featuring PHSP and all benefits that comes with it.

http://www.cbc.ca/news/business/smallbusiness/story/2011/09/16/f-smallbiz-phsp.html

Having Neo Plan Plus PHSP in place will give you quite a few benefits. Some of them are:

PHSP Advantages for Small Business owners

- Up to 100% tax deductible medical expenses for your business.
- Up to 100% employee reimbursement on medical expenses (Attractive Health Plan)
- Per employee coverage adjustment (company sets limits on expenses)
- Broad coverage for virtually all medical expenses (CRA approved)
- Tight costs control model for business.
- Worry free claims control process
- Flexible payment model
- Adjusted for your business reimbursement timelines.
- CRA compliance with accounting guidelines
- Tax deduction optimization

PHSP Advantages for Employees

- Up to 100% employee reimbursement on medical expenses
- Personal coverage adjustment (use only what you need, pay only for what you use)
- Broad coverage for virtually all medical expenses (CRA approved)
- Expenses for whole employee's whole family
- Tight costs control model for employee
- Worry free claims process
- Flexible payment model
- Personally adjusted reimbursement timelines