Small business health insurance for one person businesses in Canada

Are you a one person business? Small one person business owners in Canada have several choices when it comes to health and dental coverage for themselves and their family. In this video we talk about which option might be best for you. Many business owners enjoy the plans that are offered by the major insurance companies while other like the flexibility of a healthcare spending account. Some business owners are less worried about price and are most concerned that 100% of their health and dental expenses are paid for by their company. The great benefit of being a business owners in Canada is that these expenes are a tax-deduction to the business and that the owner receives the benefits tax-free. Paying for health and dental expenses "out-of-pocket" is not the most tax-efficient. Setting up a plan generally save s the business owners thousands of dollars in personal income tax.
Phone Nick: [phone]

[Pignatius]

Hey Nick! You did a good job summarizing. I don't think you mentioned the fact that under many insured plans, you have to provide medical evidence, so you can be declined or rated, or have exclusions. I think sometimes you may even have to do a medical? One way I like to position insurance is that you pay for it and hope to never have to use it. Which is why I don't like insured plans, in the same way I don't pay for extended warranties (in the vast majority of cases - but I understand everyone has a different risk profile).

It's a very minor thing, but you said the HSA is second payor, I just always call it last payor, since sometimes there are multiple defined benefit plans that would go before the HSA.

You may want to have another, shorter video, less in-depth. I think it's great that you do these.

[theangrycanuck]

I can't find your third option. I see PHSP's, and HSA's for incorporated; but I can't find the "unlimited spending account" for both incorporated and Sole Props

[nbarry]

Good video. I have blue cross which went up quite a bit and don't use it very much. Is your second plan available to sole business operators without incorporation?