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.

The Process:

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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.

Our Fees:

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 fees start at 8% depending on the type of plan + GST (on the admin fee only).

*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.

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