Private Health Services Plan (PHSP) is also known as Cost Plus. PHSP can be used on top of a Group Life, Health and Dental Plan, to enhance your employee benefits by paying for excess things, not covered under the group plan. This plan ensures active involvement of your employees in choosing how to spend their allocated health dollars.
PHSP can also be your alternative solution in case you cannot afford paying monthly premiums to sponsor a Group Life, Health and Dental plan for your people, but still want to provide them with some benefits. In this situation, PHSP allows you to sponsor benefits that work to your budget, and gives your people the flexibility to allocate the available funds as they wish.
You allocate each of your employees a spending account which can be $500, $1,000, or $5000, depending on your budget and goals. Pacific Employee Benefits sets this fund into an account, adjudicates claims for employees’ medical or dental expenses, eligible under the Canada Revenue Agency (CRA). Your employees decide how they are going to spend their account, or if they are going to spend it at all.
Under this arrangement, you are paying medical expenses of an employee up to a predetermined level. If your employees do not deplete their spending account, it does not cost you anything. You only pay for what they spend. The other advantage of PHSP is that it is a tax write off, and not a taxable benefit to your employees.
If you are a PHSP member, please note that:
Toll-free fax: 1-888-787-0727
We are here when you need us.
Talk to an advisor 8:30am to 4:30pm PST.