SDI and Patterson are hosting an interactive/hands-on whitening program - you even have an opportuntity to have YOUR teeth whitened
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31 May 2012
18 May 2012
Record Keeping & Informed Consent
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Dental Implants & the CDA
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15 May 2012
11 May 2012
07 May 2012
Mentoring Mondays - Private Health Services Plans
What is the REAL Impace of a Private Health Services Plan? (PHSP)
by Glennis Deslippe
To assist with the high cost of health and dental expenses, today we have 3 options:
- Medical Tax Credit (medical expenses are reduced by 3% of net income, up to a maximum current reduction of $2052).
- Insured Health & Dental Plan, where premiums are paid monthly (funds gone whether claims are made or not). Restrictions on coverage, exclusions and partial payments still leave you paying out-of-pocket.
- A Stand-Alone Cost-Plus Private Health Services Plan – allowing virtually ALL health care expenses to run through your business entity, where they become 100% deductible. The company covers such expenses with pre-tax dollars –vs. – your personal after-tax payments. SMART!
Medical/dental expenses paid out-of-pocket and claimed using the Medical Tax Credit does not amount to much of a tax saving.
When a Stand-Alone Cost-Plus PHSP is used instead of the Medical Tax Credit, the savings are significant! The medical expense plus a 10% administration fee charged to process the claim is 100% deductible to the company. This can be set up for a corporation or sole proprietor with or without arms length employees.
A Private Health Services Plan is mathematicallycertain to beat the Medical Tax Credit!
How does this work?
Once the plan is set up, you pay for the health and dental expense personally. This payment is made from a personal account. Complete a claim form for the amount paid.
The corporation sends the claim form and funding plus a 10% administration fee to Olympia Benefits, provider of the PSHP. This payment is tax deductible to the corporation.
Olympia reimburses you personally for the original personal expense. The reimbursement is tax free to the employee.
Whether you choose to have a personal insured plan or not, look at how a PHSP can save you money! Not only will it cover the expenses not covered under your insured plan (co-payment) but the premiums paid are eligible as well!
Find out how we can assist with managing health care expenses for you, your family and any employees. We have special programs for self-employed, small companies and large companies too. We are certain we can save you money. Contact Glennis to find the best solution for you and your company, Glennis@integral-financial.com. In the fall we will be hosting a Life Planning Basics program for dentists to answer questions on investments, insurance, and retirement planning.
