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Private Health Services Plan

If you are paying for your dental and drug expenses directly then you are paying too much income tax.

 

For Instance: Say you have a $3,000.00 dental bill to pay.  You actually have to earn closer to $4,000.00 because you will need to pay approximately $1,000.00 in personal income tax on the $3,000.00 of earned income necessary to pay your dental bill.

 

The facts are:

Many small and large companies decide to set up a Private Health Spending Plan (PHSP) for their employees because there are no mandatory monthly premiums.  Very simply, when an employee submits a medical claim to the employer the employer then adds a 10% handling/vetting fee to the claim i.e.

$1,000.00 + $100.00 = $1,100.00.

 

The entire $1,100.00 is tax deductible to the employer and the employee will receive back a $1,000.00 cheque "Tax Free" from the PHSP provider so that they are fully compensated for their medical/dental expenses.  The employee is not taxed on the $1,000.00 refund cheque (that is the magical part).  The company gets a $1,100.00 write off and the employee is reimbursed Tax Free.

 

See List of Eligible Expeditures

Note: There is normally a one-time Trust Account set up fee with Private Health Services Plan.

 

 

• No Monthly Premium

• No Medical Underwriting

• No Co-Insurance

• No Deductible

• Wide Range of Eligible Expenses

• No Upper Age Limits

• Inclusive Definition of Dependant

• Easy to understand

 

 

Contact: Rick  Reynolds CFP. CLU, ChFC or Rob Reynolds GBA FPSC Level 1

 

 

Private Heath Services Plan Details download link

Contact Us:

Please contact us if you have questions

or would like us to prepare a custom service

package based on your needs.

 

 

Tel : (250) 595-2419        Fax : (250) 592-4953

email: info@rerinvest.ca

Victoria Office, #206 - 2187 Oak Bay Avenue

Victoria, B.C. V8R 1G1

 

North island Office, 3713 Shoreline Drive,

Campbell River, B.C. V9H 1L8

R. E. Reynolds Investments

& INSURANCE SERVICES LTD.

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