Selecting Your PHSP (Health & Dental Plan) Administrator

The Olympia Health & Dental Plan (along with all other Private Health Services Plans) are regulated by the Income Tax Act and as a result must be structured properly. It is important when choosing a provider for these services to ask the right questions and be sure that the provider has been set up within the requirements of the Income Tax Act. The deductions made available through these plans are only valid with Canada Revenue Agency if all compliance regulations are met. Olympia meets all of these requirements.

While the concept of a Private Health Services Plan seems fairly straightforward, there are still numerous regulations that must be followed in order for the deduction and the non-taxable benefits to qualify. It is important that you carefully choose your administrator to avoid the potential of disallowed deductions and complications with CRA (Canada Revenue Agency). You are encouraged to do your research on any service provider that may offer to provide these services. Olympia has been offering these services since 1996 and currently administers this plan for more than 25,000 small businesses in Western Canada.

The following are important questions that you should ask any PHSP provider:

1. How long has the company been in business?

   Olympia has been offering Private Health Services Plans (the Olympia Health & Dental Plan) since 1996.

2. How many groups does the company administer?

   Olympia administers claims for more than 25,000 businesses and more than 75,000 employees. Olympia is the largest provider of these services in Western Canada.

3. What is the claims process for the administrator?

   Olympia Benefits has a sophisticated claim paying and reporting system. It is critical that any expenses claimed through a Private Health Services Plan are eligible within the Income Tax Act. To fully ensure that expenses are eligible, they must be reviewed and processed accordingly. With the high volume of claims that Olympia administers on an annual basis, it is crucial to have proper systems in place to ensure the eligibility of claims being processed and paid out.

   Claims are audited by our Claims Processors and by the system to verify patient eligibility, benefit availability and the eligibility of submitted expenses based on the Income Tax Act of Canada.

4. Can the provider show a comprehensive claims history for each and every client?

   Olympia Trust can produce records for the last seven years of claims for each of its clients. CRA has the right to request history for the previous seven years of PHSP transactions.

5. Is there a customer service department where we can talk directly to a claims administrator?

   Olympia has implemented a “Customer First” team approach. We know how important it is to be able to reach a live person when you have a moment to call in. As most of our customers operate small businesses, time is extremely valuable and a game of “phone tag” isn’t usually on the agenda. Olympia has a toll-free number for our customers and multiple friendly customer service representatives available to help answer your questions. You can reach us at any time during regular business hours toll free at 1-888-668-8384.

6. Is the provider/administrator a member of the Better Business Bureau?

   Olympia has been a member since 1996 and continues to be in good standing with the Better Business Bureau.

7. Does the provider/administrator offer online account inquiries?

   Olympia has implemented a state of the art system to enable our customers to easily access their accounts. Very often our customers simply need to download a claims form or check account balances. Rather than phoning in or emailing and awaiting a reply, our customers are able to access their account information immediately through our secure client website.

Need more reasons to choose Olympia?

• Olympia Benefits is owned by Olympia Financial Group, a publicly traded company on the TSX Venture Exchange (symbol OLY).
• Olympia is the largest provider of cost-plus health and dental plans with more than 25,000 businesses and 75,000 employees as clients.

Olympia dedicates considerable time and effort to focusing on our customer’s needs. These efforts, since our inception, have resulted in the delivery of first class administration services for our clients. We have a proven track record and 25,000 loyal, happy customers. Please take the time to compare us to the competition by having their qualifications assessed.

We’ll look forward to hearing from you!

Contact Olympia Benefits now, toll-free at:
1-888-668-8384.