What is a PHSP?

A PHSP or a Private Health Services Plan is a plan that allows small business owners to give their employees health and dental benefits. It is cost-effective and provides tax benefits to the employees. You and your family will also benefit from the benefits provided by your PHSP.

Also, there is no need to worry about preexisting conditions. A PHSP does not do a health checkup. This means that as long as the health expense came after you joined the plan, your medical expense will be covered. There are also a wide range of health, dental, eye care and also cosmetic and professional medical services. Find out what is covered under a PHSP here.

What are the benefits of a PHSP over health insurance?

Premiums

A traditional health insurance plan has monthly premiums. You need to pay these premiums whether you use the plan or not. Also, as you age your premiums increase and affect the price of the plan.

A PHSP on the other hand has no monthly premiums that you need to pay. Instead, a fixed fee that does not increase by age is charged on a yearly basis. Also, you only pay when you have a health expense.

Deductibles

PHSPs have no deductibles. Not only that, but PHSPs also don’t limit how many times you can visit or get certain treatments per year. Traditional health insurance may be restricted by co-insurance. PHSPs are not restricted by co-insurance restrictions.

Pre-existing Conditions

Unlike traditional insurance plans, a PHSP does not do a medical history check when signing up for the plan. This means that you are able to use a wider range of expenses. You are not limited by a pre-existing condition. Traditional health insurance plans may also limit how many times you are able to claim something by a lifetime maximum. You may also need to require special permission from traditional health insurance plans to claim certain procedures.

What you are allowed to expense

With a PHSP you can claim a wide range of medical expenses. These include dental, glasses, and various other physical and cosmetic services. To see what you are able to expense check out this page here.

Figuring out how much you can expense

With health insurance plans it can be complicated to know what you can expense and how much will the health insurance deduct for each service. Many health insurance plans when you sign up for their plan will provide you with a booklet that lists how much they deduct for each service and it can be complicated to keep track of.

For a PHSP, there is only really one thing to keep track of, and that is how much the procedure or service costs. Then you just need to submit your receipt using our online claim form and you can get 100% coverage of your expense as long as it is eligible. After submitting your claim, our team will manage your expenses for you.

How to sign up for a PHSP

If you own a business or are an incorporated sole proprietor of a business you are able to sign up for a PHSP as long as you have medical expenses and pay income tax. Our experts are here to help you find out more about PHSPs and help you sign up for PHSPs, contact us and let us know how we can help you!