As one of Canada’s largest private healthcare plans, the Public Service Healthcare Plan (PSHCP) plays a crucial role in meeting the diverse needs of the Canadian public sector workforce. The upcoming transition from Sun Life to Canada Life as the plan’s administrator comes with significant updates. For those covered by this plan (whether a pensioner or active member), it is important to understand how your benefits will change. Transition to […]
For many Canadians, a cost-effective method to offset dental care expenses for themselves and their families is top of mind. Dental treatments can be expensive, and families may face financial challenges when maintaining oral health without proper coverage. This article will explore two potential solutions: the Canada Dental Benefit, a Government of Canada program aimed at reducing dental costs, and a Private Health Services Plan (PHSP) such as navancorp. All […]
1) Complexity Traditional Insurance Plan: Typically, you receive a plan booklet that outlines covered items, restricted items, co-insurance, deductibles, fee guides, etc. Good luck trying to ascertain with any degree of certainty what you will be getting reimbursed for. navancorp PHSP: A PHSP is usually only restricted by an annual maximum (or dollar amount). This means that as long as the expenditure is eligible, you get back 100% of your […]
As any good business owner knows, a fundamental pillar of sound financial management is the efficient utilization of pre-tax dollars. navancorp is a national service provider that offers Private Health Spending Plans to cover your corporation’s employee’s medical, dental and health benefits. We adhere to Canada Revenue Agency rules and guidelines, allowing you to have your corporation cover the costs of a wide variety of health-related expenses, with no premiums […]
Many clients have asked us about claiming travel insurance premiums through their navancorp private health spending account. Like most questions related to matters of taxation, the most popular answer is it depends! If your travel insurance coverage is strictly for unexpected medical/dental/health expenses while travelling, then the answer is a resounding yes. If your travel insurance includes things like trip cancellation, baggage delay/loss, trip interruption, etc., then the answer is […]
With proposed tax changes on the horizon for small business owners, now is the time to explore alternative means of maximizing pre-tax dollars. Fortunately, Private Health Spending Plans appear to be untouched by the currently proposed amendments. Private Health Services Plans (PHSPs) are Canada Revenue Agency (CRA) approved plans which date back to the early 1990’s. These simple-to-setup, flexible plans are a great alternative to group insurance, as it is […]
PHSP’s are in demand within Canada’s small business community. Viewed as a viable and cost effective alternative to traditional health insurance, PHSP’s make paying for medical expenses affordable and easy. Although straightforward to use, the product does require proper explanation and understanding before it is adopted by any particular small business. PHSP’s directly involve matters of taxation and ultimately business owners speak with their accountant for clarification. The purpose of […]
A navancorp PHSP for small business is an alternative to traditional health insurance. One of the key differences between the two options is the restrictions on eligible medical expenses. Under a navancorp PHSP, you are not restricted by the definition (type of expense). You have access to a wide range of eligible expenses without co-payments or deductibles. Below you will find a listing of over 120 eligible expenses for your […]
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