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One of the most common questions surrounding setting up a Private Health Services Plan (PHSP) is: what type of income qualifies a person for a PHSP?
Employment income is a requirement. There must be an employer-employee relationship where an employee receives employment income from the business. Most simply, this means having T4'd income each year.
Link: What is a PHSP?
Shareholder Income
Another popular question surrounds the paying of dividends from a corporation. Dividend income accrues to shareholders not employees. Unfortunately, if a shareholder receives only dividend income and no T4 income, they do not qualify for PHSP coverage.
Company Directors
Every incorporated company has at least one director, and that director may or may not be a shareholder. A director's responsibility is to direct the operations of the company and for doing so may be considered an employee, and therefore be eligible for coverage under a PHSP.
For example:
- The director and their accountant agree that a director can be considered an employee even though they receive only dividends. In this instance coverage could be put into place.
- The director and their accountant agree that the director should take a portion of compensation in employment income. In this instance, the amount of employment income should be in line with the expected medical expenses to be put through the PHSP. In this instance coverage could be put into place.
If you have questions about setting up a Private Health Services Plan to cover employees' health and dental expenses, please call our office at 604.872.2866.
Benefits Plans
True Benefits can help you find the best employee benefits plan.
We have access to over 25 insurers, including the Chamber of Commerce Group Benefits Plan.
Life Insurance Rates
Here are monthly Term 10 Life Insurance rates for a healthy, non-smoker as of March 2012:
| Women | |||
| $250,000 | $500,000 | $750,000 | |
| Age 25 | $12 | $18 | $24 |
| Age 35 | $14 | $22 | $30 |
| Age 45 | $22 | $35 | $51 |
| Age 55 | $52 | $88 | $130 |
| Men | |||
| $250,000 | $500,000 | $750,000 | |
| Age 25 | $18 | $28 | $39 |
| Age 35 | $19 | $29 | $42 |
| Age 45 | $30 | $53 | $78 |
| Age 55 | $72 | $135 | $201 |
For a free personalized insurance quote, click here.
Clients Say:
"Rachel is professional, courteous and very knowledgeable while providing outstanding customer service. She is well prepared, delivers personal service, and understands our desire to provide the best possible benefit plan to our employees in the most cost effective manner."
"I appreciate having a person who is both local and accessible, and was impressed with the initial presentation outlining the options available to us. It is extremely helpful to have Rachel advocating on our behalf."
"True Benefits has totally met our needs. Rachel gives personalized attention, and is very thorough. She has suggested many good ideas that we have used to benefit our employees."
"I have referred many clients to Rachel in the past, and without exception, they have all commented to me on her professionalism, vast industry knowledge, great service, and fast response time."
Thank you for everything that you have done for our family. We are grateful for all your hard work. We look forward to working with you again in the future.
"True Benefits has an understanding and awareness of the importance of an effective benefits program. They're proactive in looking for cost effective improvements to plan design and cost containment strategies. My expectations were exceeded - Rachel delivered as promised in a timely manner."
"Thank you Rachel. Great service as always. You anticipated our needs."
I used True Benefits to sort through a tricky health insurance issue related to immigration status and an expired work permit. Rachel recommended a cost effective solution and quickly verified the policy was the best choice for my situation. My new health coverage was effective within 2 hours of my initial call to Rachel! I highly recommend working with Rachel at True Benefits for cost effective solutions and friendly and efficient service.
Your attention to detail and willingness to never to never take "no" for an answer on my behalf left me in awe of your business ethics.
I will continue to use your services, based on your work ethic and my ability to trust that the policy you are suggesting is perfect for me.
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