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One apple and three oranges

PHSPs and group benefit plans are a little like comparing apples and oranges.

What’s the difference between Group Insurance and a Private Health Services Plan?

Traditional group benefits provided by life insurance companies can cover everything from life, accidental death and disability to medical and dental.

Sounds great, right? But anyone who has looked into group insurance knows those plans come with high premiums and inflexible coverage.

That means your company may be spending a lot more then your employees are using and your employees may not be entirely happy with what is covered and what isn’t.

Private Health Services Plan (PHSP)

While a PHSP doesn’t include life, death or disability insurance, it does cover medical, dental and prescription drugs and has a few advantages for savvy business owners.

The biggest difference is PHSPs can be pay-as-you-go with no monthly or annual contributions.

The second major advantage is that PHSPs charge no premiums. The only cost to your business is the setup fee and a 5-15% administration fee on claims (depending on the provider). With a PHSP your business can write off the entire claim, including the administration fee.

Cost Efficient Benefit Plan has been in the business for 17 years and offers a PHSP solution with the lowest administrative fees in the industry at 5%.

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