Do you qualify? Absolutely, if…..
- 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.
- 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?
- The employer sets up a Health Account for each employee. The employer sets the amount and can stipulate which eligible health expenditures are covered.
- 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.
- 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
Regardless of use you pay premiums
Enrollment requirements set by insurer
Yearly and Lifetime limits
Reimbursement limits (up to 50%)
Numerous Health costs not covered
Dental Premiums are 70% of cost
Frequent refusal of claims
Up to six weeks claims process
Premiums may be deductible
are 100% deductible
|
No Premiums – No monthly fees.
One time set up fee of $175
No medical bills – No cost to you
Employers set requirements
No Limits
No deductible Clauses – You set limits
100% coverage on all health service costs
Delete high cost dental premiums with pre-set limits
Easy to understand claims process
Maximum 4 day turn around of Claims
All premiums for medical services are 100% deductible
|
BENEFITS
| FOR THE BUSINESS |
FOR THE EMPLOYEE |
|
Tax deductible
You decide the costs and benefit levels
Limited bookkeeping
Comprehensive – no exclusions
Easy to Understand
Owner Manager benefit levels flexible
Cost Plus program
Revenue Canada back up and support
Can be cancelled at any time
|
Tax free benefit
Covers 100% of eligible costs up to
your benefit limits
Limited bookkeeping
4 day claim service in most cases
Easy to understand
Can supplement existing plans
Account balances verified by phone
Can carry forward unused benefits for
one year
|
