Tax Free Health Benefits for Small Business

Do you qualify?     Absolutely, if…..

1. You are an incorporated business, are a limited company registered to do business in Alberta. The size of the business is not important. You can be the sole shareholder/employee or have a company with many employees.
2. If you operate a sole proprietorship, you may be eligible as a dependent if your spouse is an employee of the business.

What does the plan cover?

The Plan covers 100% of virtually all medical and dental services performed or prescribed by a registered or licensed practitioner. There are no restrictions, waiting periods or prior history requirement.

What about premiums?

There are none! The Plan operates by direct reimbursement of health costs to employee. The employer acts as insurer and is the underwriter.

How does reimbursement work?

1. The employer sets up a Health Account for each employee. The employer sets the amount and can stipulate which eligible health expenditures are covered.
2. The employee can then draw from their benefit account for any health expenditure for which they are entitled. (Eligible health expenditures are defined in paragraph 118.2 (2) of the Act.
3. Claims within the benefit account are tax free to the employee and are a business expense to the employer.

There is really only one major feature that sets a Gilbert Benefit Consulting PHSP above and apart from the other health plans.

It accommodates small business

To illustrate, compare traditional plans with the GBC.

TRADITIONAL PLANS	GBC PHSP
High cost premiums-premiums creep	No Premiums – No monthly fees. One time set up fee of $175
Regardless of use you pay premiums	No medical bills – No cost to you
Enrollment requirements set by insurer	Employers set requirements
Yearly and Lifetime limits	No Limits
Reimbursement limits (up to 50%)	No deductible Clauses – You set limits
Numerous Health costs not covered	100% coverage on all health service costs
Dental Premiums are 70% of cost	Delete high cost dental premiums with pre-set limits
Frequent refusal of claims Up to six weeks claims process	Easy to understand claims process Maximum 4 day turn around of Claims
Premiums may be deductible are 100% deductible	All premiums for medical services are 100% deductible

BENEFITS

FOR THE BUSINESS	FOR THE EMPLOYEE
Tax deductible	Tax free benefit
You decide the costs and benefit levels	Covers 100% of eligible costs up to your benefit limits
Limited bookkeeping	Limited bookkeeping
Comprehensive – no exclusions	4 day claim service in most cases
Easy to Understand	Easy to understand
Owner Manager benefit levels flexible	Can supplement existing plans
Cost Plus program	Account balances verified by phone
Revenue Canada back up and support	Can carry forward unused benefits for one year
Can be cancelled at any time