Canada; 5/22/2014: The costs of employee health benefits are continually rising. It can be apparently seen that after every few years the companies get to see premium hikes in double digit percentage. When the large companies can be seen being able to absorb these added costs, the average or small businesses can be found looking for ways in which to cut down the ever increasing healthcare expenditures. Faced with an age where even a single penny is valued, a HSA or a Health Spending Account is something that is gaining grounds among the business owners. HSA is the way in which the small businesses can cope with the ever increasing costs on the health benefits of their employees. Just by way of incorporating HSA into group insurance benefits would allow small business bring down their costs while also adding flexibility to the packages.
Pre Tax Health also offers PHSP or Private Health Services Plan. The PHSP is an umbrella term that had been coined by the CRA or Canada Revenue Agency. It takes under the sweep a number of types of plans. For instance, some of the traditional monthly insurance plans can also pass as PHSPs. The PHSP provided by Pre Tax Health is basically one major type which is the HSA it does not require any fixed contribution on a regular basis. There is no requirement for a traditional premium. Instead when a medical expense is claimed by a company as one which has been paid from the pocket, the employer would pay back the claimed amount. The employer here becomes an insurer. Pre Tax Health also provides small business health plan.
The Health Spending Account Calgary allows all the incorporated companies effectively in taking the before tax dollars which are put back into the pocket of the employees or the employee owners free of tax, given the fact that this is in order to reimburse medical claims that are eligible as per the PHSP rules. For PHSPs which are traditional insurance type plans, a traditional insurer is to indemnify the employee for the loss. Pre Tax Health requires the employer to pay off the bill claimed. The employer becomes the insurer and reimburses the medical bill amount.
The Health Spending Account Toronto offers a number of advantages to the companies. It offers complete control and flexibility of payment. Pre Tax Health offers the companies the ability to select either Credit Carry Forward, which enables the company to carry forward the unused healthcare expenses, or the Expense Carry Forward. Pre Tax Health offers several benefits for the employees that include both the owner-employees along with immediate family members.
About Pre Tax Health:
http://www.pretaxhealth.com
Pre Tax Health offers health benefit services to the businesses and companies which enable the companies to reimburse the medical bills claimed by the employees of the companies. For more information, visit the website.