Private Health Services Plan

Importance: 0.71

Relevant Locations: Canada

Is a company: no

Is a proper noun: no

Notes: Provides tax-deductible health and dental benefits in Canada.

Synonyms

  • health spending account

Acronyms

  • PHSP

Definition of Private Health Services Plan

  1. A tax-deductible vehicle through which Canadian businesses can provide health and dental benefits for their employees. Benefits provided through a Private health services plan (PHSP) are tax deductible for the business and are non-taxable for the employee. PHSPs can be offered by both incorporated and non-incorporated businesses (including sole proprietorships), and benefits are available for employees, the families of employees, and owners (as long as the owner receives benefits in their capacity as an employee and not as a shareholder).

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.
  • Health and Welfare Trust (HWT) Acronym,
    • A method for employers to offer their employees tax-free health benefits.
  • 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.
  • 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.
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