Health and Welfare Trust

Importance: 0.43

Is a company: no

Is a proper noun: yes

Synonyms

  • health and welfare plan

Acronyms

  • HWT

Alternate Spellings

  • health and wellness trust
  • HAWT
  • HWT
  • HAWP
  • HWP
  • H&WP
  • dental
  • H&WT

Definition of Health and Welfare Trust

  1. A tax-free method for corporations to provide health benefits to their employees. Introduced in 1986, health and welfare trusts (HWT) can be used in conjunction with Private Health Services Plans (PHSPs) in order to provide a tax deduction for the employer and a non-taxable benefit for the employee. Also known as a "health and welfare plan (HWP)"

Related Terms and Acronyms

  • Private Healthcare Definition,
    • Health services no provided by the government, often paid out of pocket.
  • Fringe Benefit Definition,
    • Employee compensation other than your wages, tips and salaries, such as health insurance, life insurance and pension plans. Usually referred to as a Bonus.
  • Stop Loss Insurance Definition,
    • A low premium, high deductible insurance policy with an upper limit on coverage.
  • Universal Healthcare Definition,
    • A system for providing healthcare free to patients at point of use.
  • Group Health Insurance Plan Definition,
    • Health insurance that covers a large group of people, often as part as a employee benefit package.
  • Health Insurance (HI) Acronym,
    • Insurance that covers the costs of medical expenses for insured persons.
  • Private Health Services Plan (PHSP) Acronym, Canada, Important,
    • A method for businesses to provide health benefits for their employees that is both tax deductible for the business and non taxable for the employee.
    Provides tax-deductible health and dental benefits in Canada.
  • Two-Tier Healthcare Definition,
    • A situation where public healthcare is available to all people, but private healthcare can be purchased by those who want it.
  • Medical Specialist Definition,
    • A doctor with training in a specific medical field.
Compare. Calculate. Apply today.
Compare Mortgage RatesMortgage CalculatorsApply for a Mortgage