What is FlexSave?
Private Health Services Plans (PHSPs) help incorporated businesses and self-employed individuals with employees pay their health and dental expenses tax-efficiently and cost-effectively.
In comparison with traditional group and individual health and dental insurance, FlexSaveTM requires no ongoing premium payments following a one-time $250 setup fee.
Employers engage Flex Save providers to reimburse employees’ health and dental benefits. A funding agreement is signed between the employer and employee in which the employer agrees to cover these expense amounts and the applicable fees and taxes, up to a limit that has been set in advance. Employees may receive a tax-free benefit if the employer pays the full amount tax deductible to the business.
It is important to remember that every tax situation is unique and can be quite complex. The client should always seek independent tax advice before setting up a FlexSaveTM plan or deducting expenses related to it.
Why FlexSave?
Flexible benefit solutions such as FlexSave may be attractive to business owners for a variety of reasons.
If you have an existing benefit plan and are looking for cost savings and additional flexibility…or if you have not yet put a plan in place…Flexsave may be the right solution for you.
How Does it Work?
Business owners, self-employed people, independent contractors with arms-length employees (not related to the owner) may qualify.
An individual cannot form a company solely to become a PHSP and must make the business their main source of revenue. Size requirements are neither minimum nor maximum.
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