Taking the Office with You: Health Benefits for the Self-Employed

One of the most daunting parts of leaving a corporate job to start your own path is the loss of the safety net. We take for granted the health, dental, and drug coverage provided by a big employer until we have to pay for our daughter’s braces or a surprise prescription out of our own pockets. Many entrepreneurs think they have to choose between high-cost retail insurance or no coverage at all, but there is a third way that is far more efficient.

The Power of the PHSP

A Personal Health Services Plan (PHSP) allows you to take what used to be a personal, after-tax expense and turn it into a 100% tax-deductible business expense. For a self-employed professional, this is a game-changer. You aren’t just buying insurance, you are restructuring your medical costs so the government effectively subsidizes your family’s healthcare. Whether it is dental work, vision care, or specialist visits, you can provide yourself with better benefits than the corporate world ever did.

From Out-of-Pocket to Tax-Deductible

I recently helped a consultant who had been paying for his family’s medical needs out of his own pocket for years. By setting up a structured benefits plan through his corporation, we were able to save him over $5,000 a year in taxes alone. He was finally able to provide his family with the high level of care he thought he had left behind when he started his business. It gave him the confidence to stay focused on his growth, knowing his family was secure.

It is never too late to build your own corporate-style safety net. Being your own boss should not mean being your own doctor or insurer. Let’s look at your business structure and find the most tax-efficient way to protect your health and your bottom line.

Tired of paying for dental and prescriptions out of pocket? Let’s build a custom benefits plan for your business. Schedule your consultation here.