When it comes to affordable health plans there is one way to maximize your benefits and minimize your costs.
There really is a way for you as a business owner to own your own health benefit plan and deduct your medical costs from your business income.
This is a 100% deduction, which cuts out the insurance companies who profit from your premiums.
Your health care is taken care of and you are reimbursed through your company.
It really is that simple.
You will also be able to provide your employees with first-rate medical care without the limitations of an insurance company and no premiums to pay.
You set the limits and reimburse their costs.
You would be amazed at what you can expense with this affordable health plan.
On the medical side there is hospital bills, dietician, laser eye surgery, pacemaker, insulin, osteopaths, wheelchairs, and more.
In alternative health there is massage therapy, chiropractors, eye exams, physicians, prescriptions, acupuncture, hydrotherapy, and more.
Your health care, and the health care of your family, can be paid with what is called pre-tax dollars, and that means you will be reducing your taxable income and will pay less to the government.
Having a private health insurance plan is a win-win situation.
What might be helpful to know are things that are not considered medical expenses.
In order for your affordable health plan to work properly you will need to know what is eligible and not eligible to claim as a medical expense.
Some of these are athletic or fitness club fees; birth control devices that are non-prescription; blood pressure monitors; cosmetic surgery like liposuction, hair replacement or teeth whitening; diaper services; health programs; organic food; vitamins, supplements, over the counter medications; personal response systems and your provincial medical health plan.
One of the great things about this affordable health plan that you can give your employees is that they do not have to pay any tax on this benefit.
This is a non-taxable benefit for the employee.
No EI, CPP or Income Tax for the employee, that means no EI and CPP for you, the Employer.
Medical and dental expenses are tax free to the individual receiving them.
Another great thing is that when you deduct your medical expenses as a business it initially comes off the top, which means that you will immediately be able to lower your taxable income so you save the higher tax rate.
For a Corporation, this means you can draw less from the company also lowering your personal taxable income.
If you are interested in saving money, you will want to take the time to check out your options for an affordable health plan.
There really is a way for you as a business owner to own your own health benefit plan and deduct your medical costs from your business income.
This is a 100% deduction, which cuts out the insurance companies who profit from your premiums.
Your health care is taken care of and you are reimbursed through your company.
It really is that simple.
You will also be able to provide your employees with first-rate medical care without the limitations of an insurance company and no premiums to pay.
You set the limits and reimburse their costs.
You would be amazed at what you can expense with this affordable health plan.
On the medical side there is hospital bills, dietician, laser eye surgery, pacemaker, insulin, osteopaths, wheelchairs, and more.
In alternative health there is massage therapy, chiropractors, eye exams, physicians, prescriptions, acupuncture, hydrotherapy, and more.
Your health care, and the health care of your family, can be paid with what is called pre-tax dollars, and that means you will be reducing your taxable income and will pay less to the government.
Having a private health insurance plan is a win-win situation.
What might be helpful to know are things that are not considered medical expenses.
In order for your affordable health plan to work properly you will need to know what is eligible and not eligible to claim as a medical expense.
Some of these are athletic or fitness club fees; birth control devices that are non-prescription; blood pressure monitors; cosmetic surgery like liposuction, hair replacement or teeth whitening; diaper services; health programs; organic food; vitamins, supplements, over the counter medications; personal response systems and your provincial medical health plan.
One of the great things about this affordable health plan that you can give your employees is that they do not have to pay any tax on this benefit.
This is a non-taxable benefit for the employee.
No EI, CPP or Income Tax for the employee, that means no EI and CPP for you, the Employer.
Medical and dental expenses are tax free to the individual receiving them.
Another great thing is that when you deduct your medical expenses as a business it initially comes off the top, which means that you will immediately be able to lower your taxable income so you save the higher tax rate.
For a Corporation, this means you can draw less from the company also lowering your personal taxable income.
If you are interested in saving money, you will want to take the time to check out your options for an affordable health plan.
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