What is a Private Health Services Plan?
In a nutshell, a Private Health Services Plan (or PHSP for short) is an employee benefit plan that allows you as the company/business to write off medical expenses as a business expense. Your business/company reimburses the employee for the medical expense they incurred through a third party (such as Accountable Value Financial Services or AVFS for short). This may seem complex, but the process is quite simple; visit How it Works for full details.
Why choose Accountable Value Financial Services?
AVFS offers same day reimbursements (when paying via Interac eTransfer to us). When you send your claim to us, we will send your company an invoice to show exactly how much you are paying (in case there are any disallowed items or miscalculations). Once that invoice is paid, your reimbursement is sent back the same day. We don’t hold your funds to earn interest off of; we would sooner see your money in your pocket, not ours which is why we only charge 5% for our services. Head over to Why Choose Us for a great explanation as to why you should use us.
How do I register?
Registration is simple. Fill out this form and send it in with proof of payment (we charge $75.00 for all new companies, current bookkeeping clients will have their registration fee waived). Payment can be sent via Interac eTransfer to: email@example.com.
What does it cost?
AVFS only charges $75.00 for the registration of the entire company (regardless of how many employees). After that initial fee, we charge 5% of all eligible expenses submitted for your company.
Are there any limits?
Yes and no. If your company is incorporated (Inc, Ltd, Professional Corporation, etc), then there is technically no limit on how much you can claim. We highly recommend that you do not exceed between 10% and 20% of your annual taxable salary in one year worth of claims. If your company/business is NOT incorporated, if it is a sole proprietorship, then you are limited on the dollar amount you can spend in a calendar year. This limit is determined based on how many members of household you have (household is defined as someone related to you by blood, marriage/common law, or adoption living under the same roof). It’s broken up between adults and minors. Each adult can contribute $1500.00 and each minor can contribute $750.00 to the total household amount for anyone to claim from.
Your business/company may be qualified for a PHSP if you meet the following conditions:
- You or someone in your family is an employee of the company
- Your company/business engages in a contract with a PHSP company (such as AVFS) which outlines exactly what each side promises to provide
- You have a business/company (this is simply answered by the question: Do you have a business number? – If yes, then you are a business/company owner, if the answer is no, then you do not have a business/company, therefore; you do not qualify).
How does it work?
Great question! Head over to our How it Works page for full details.
I would like more information:
Email us by using the form below!