Selecting Your PHSP (Health & Dental Plan) Administrator
The Olympia Health & Dental Plan (along with all other Private Health Services Plans) is governed by CRA's Interpretation Bulletin IT339R2. A Private Health Services Plan must be compliant with CRA specifications. The Olympia Benefits Private Health Services Plan is compliant. Moreover, Olympia Benefits places a strong emphasis on financial audit.
The careful selection of your PHSP Administrator is paramount for ensuring the proper establishment of your plan and the ensuing adjudication of your medical expenses. Olympia Benefits is a pioneer in bringing the PHSP concept to the market place and has been offering related services since 1996. At present, Olympia Benefits adjudicates claims for more than 30,000 small business owners across Canada.
What are some of the qualifying conditions of an eligible PHSP?
- There must be an employer/employee relationship.
- There must be a contract between the employer and the employee.
- There must be a contract between the employer and the Administrator of the PHSP.
- The plan must be in the nature of insurance - meaning a PHSP must involve a reasonable degree of risk. It follows that backdating a PHSP is not acceptable.
- The plan must include an annual spending amount, which cannot normally be changed.
- The plan allows reimbursement for specific health care needs as specified by the employer or all medical expenses allowed by CRA.
- Business owners are eligible if they also act as an employee, even if there are no other employees in the business. A caveat here is that, if there are other employees they must be included in the plan.
How long has the company been in business?
Olympia Benefits has been offering Private Health Services Plans (the Olympia Health & Dental Plan) since 1996.
How many groups does the company administer?
Olympia administers claims for more than 30,000 businesses and more than 85,000 employees. Olympia is the market leader of these services across Canada.
What is the claims process for the administrator?
Medical expenses claimed through a Private Health Services Plan must be eligible according to CRA regulation. Olympia Benefits has a proprietary system for claims adjudication adhered to CRA standards for medical expense eligibility.
Can the provider show a comprehensive claims history for each and every client?
Olympia Benefits can produce records for the last seven years of claims for every customer. It is important to keep in mind that CRA has authority to request history for the previous seven years of PHSP transactions.
Is there a customer service department where we can talk directly to a member of the team?
Olympia Benefits understands customers are the top priority. Our customers can reach us directly by toll free phone, by email, through our LiveChat feature, or by fax.
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.
Does the provider/administrator offer online account management?
Olympia Benefits has a state of the art online account platform named MY Olympia. Customer have full access to their claim history, printable claim forms, current balances, and other useful resources.
Are there other reasons to choose Olympia Benefits?
- Olympia Benefits offers complete, online claims (for eligible customers) through their industry first MY Online Claim.
- Olympia Benefits is a subsidiary of Olympia Financial Group Inc - a publicly traded company on the TSX Venture Exchange (TSX-V:OLY)
- Olympia Financial Group Inc was named to Alberta's Top 50 Employers in 2011 and Alberta's Top 60 Employers in 2013.
- View Part I and Part II on Olympia's Private Health Services Plans mini-series.