This post will be of interest to business owners, whether a sole proprietor, partnership, or corporation, with or without employees. A Private Health Services Plan (PHSP) allows you to deduct medical expenses, for you, your family, and employees, subject to the limits and rules of the Canada Revenue Agency (CRA).
This may complement personal or group coverage. It could replace it, but that would usually not be recommended. A similar program may be found as part of a insurance group plan, but often not. CRA allows this to operate through third-party, arm’s length, administrators. I represent CustomCare as an independent broker. For an understanding of how a PHSP operates, I invite you to visit their website, starting with the link below. If you have any questions, please direct them to CustomCare or to me. You may feel the urge to sign up right away. If you do, without speaking with me, please mention my name.
As an insurance agent, I do need to advise you that the PHSP itself is not an insurance product. However, there are two products available to CustomCare clients: Travel & Catastrophic Medical Insurance and Critical Illness Insurance. In fact, the Travel & Catastrophic is a requirement for businesses that are not incorporated to meet CRA rules. See the information for sole proprietors.
Is this new to you? I hope you find it an interesting option. You may have several questions, but please ask.
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This is the blog of Antony (Tony) Ratcliffe of Ratcliffe Wealth & Risk Management, operating in Edmonton, Alberta, Canada. Tony is an independent Life and Accident & Sickness Insurance Agent and Broker. Blog entries are an expression of the author’s personal opinions, and the insurance companies represented will not be held liable in any way for the opinions expressed herein.
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