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Poll

What type of coverage do you most need help with?
Life / Mortgage Insurance
23%
Disability Insurance
16%
Employee Health & Dental Benefits
25%
Critical Illness Insurance
19%
Personal Health Trust/PHSP
18%
Total votes: 266

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Health Trusts and PHSPs

A PHSP, also called a Health Trust, is a CRA approved plan that allows self-employed individuals and businesses to tax-deduct their health and dental expenses in a straightfoward and cost efficient manner.

Health Trusts are designed to provide employees with a tax free benefit for medical expenses they incur, paid for by their employer. That employer is permitted to deduct the full amount as an operating expense.

The premiums paid to a PHSP by an employer are business expenses deductible against business income. Claims paid are non-taxable benefits to the employees.

Here is a sampling of what can be claimed using a PHSP or Health Trust:

Acupuncture, Alcoholism treatment, Ambulance, Anaesthetist, Artificial limbs, Birth control pills, Blood tests, Braces, Cardiographs, Chinese medicine, Chiropractor, Contact lenses, Contraceptive devices, Crowns, Crutches, Dental treatment, Dental X-rays, Dentures, Dermatologist, Diagnostic fees, Diapers for incontinence, Drug addiction therapy, Drugs (prescription), Eyeglasses, Fees paid to health institute prescribed by a doctor, Guide dog, Gynecologist, Hearing aid and batteries, Hospital bills, Hydrotherapy, Insulin treatments, Lab tests, Laser eye surgery, Lodging (away from home for outpatient care), Massage therapy (RMT), Metabolism tests, Naturopath, Neurologist, Nursing (including board and meals), Obstetrician, Operating room costs, Ophthalmologist, Optician, Optometrist, Oral surgery, Organ transplant (including owner’s expense), Orthodontics, Orthopedic shoes, Orthopedist, Osteopath, Pediatrician, Physician, Physiotherapist, Post-natal treatments, Pre-natal care, Prescription medicine, Psychiatrist, Psychoanalyst, Psychologist, Psychotherapy, Radium therapy, Special school costs for the handicapped, Spinal fluid test, Splints, Sterilization, Surgeon, Telephone or TV equipment to assist the hearing impaired, Therapy equipment, Transportation expenses (relative to health care), Ultraviolet ray treatments, Vaccines, Vasectomy, Vitamins (if prescribed), Wheelchair, X rays. A more detailed list of coverage is available at the CRA’s website.

Very commonly, clients submit prescription drug, dental and medical specialist (such as massage, chiro and phsyio) claims into their Trusts.

There is a one-time set up fee that ranges based on the supplier from $200 to $400. There are no premiums and the only additional cost is a 10% administration fee (plus applicable taxes) on the actual expenses put through the plan.

For corporations, the employer sets an annual coverage for each class of employee (for example: $3,000 per year for managers, $1,500 for other full-time employees, and $200 for part-time employees). For sole-proprietors, there is a $1,500 annual coverage limit (plus $1,500 for their spouse, and $750 per dependent child).

Claims can be funded in two ways. The trust can be prefunded on a monthly basis. The second method (particularly for self-employed persons) is to pay for the expense and submit it to the trust for reimbursement on an as needed basis.

For more information, please contact us at 604.872.2866 or info@truebenefits, or request a quote here.

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I used True Benefits to sort through a tricky health insurance issue related to immigration status and an expired work permit.  Rachel recommended a cost effective solution and quickly verified the policy was the best choice for my situation.  My new health coverage was effective within 2 hours of my initial call to Rachel!  I highly recommend working with Rachel at True Benefits for cost effective solutions and friendly and efficient service.

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