How it Works
Subsection 248(1) of the Income Tax Act allows incorporated businesses to include all of their PHSP Health & Dental plan outlays as a deductible business expense. This allows for the employer to provide Health & Dental benefits for its employee’s completely tax free as an “employee benefit”.
There are no recurring monthly charges to set up and operate an Innovative Benefits Health & Dental Plan, simply a small administration fee is calculated as a percentage of claims and paid to Innovative Benefits whenever a claim is processed. This eliminates waste as you only pay for what is used within your plan.
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- The business owner, employee or family member incurs a health and/or dental expense.
- The receipt(s) and claim form are submitted (emailed faxed or mailed) to Innovative Benefits for adjudication & processing.
- Innovative Benefits will invoice the business for the amount of the claim plus the administration fee. If funds are held in trust for a Health Spending Account this step is not applicable.
- We then process the claim and send a cheque payable to the plan member/claimant as a tax free reimbursement of their health and/or dental expense per your plan design.
With no monthly premiums, no deductible, and fast, easy, tax-free reimbursement, an Innovative Benefits Health & Dental Plan is a simple and effective alternative for today’s small and medium sized businesses.
*NOTE: Our fees have been thoughtfully established to be highly competitive in the market place. We take pride in offering a comprehensive, consultative service focused on compliance and customer value.
- One time only set up fee of $150 + GST regardless of the number of employee’s to be enrolled. This is deductible for the business
- Set up fees will be waived if moving from another provider.
- Claim admin fee’s as low as 8% depending on the type of plan + GST (on the admin fee only).
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- How it Works