-

Private Health Services Plan (PHSP) Calculator

Enter your information to see how much you will save using The Health Plan.

Taxable Income:
Eligible Medical Expenses:
Province Of Residence:
I Earn Income As:


Without
The Health Plan
With
The Health Plan
$ 80,000.00
Taxable Income
$ 80,000.00
$ 6,500.00
Eligible Medical Expenses
$ 6,500.00
Federal
Provincial
 
$ 2,237.00
$ 2,302.00
Medical Tax Credit (MTC) Threshold
N/A
$ 2,237.00
$ 2,302.00
Amount Eligible For The MTC
N/A
15.00%
5.05%
Medical Tax Credit %
N/A
$ 335.55
$ 116.25
Medical Tax Credits
N/A
$ 451.80
Combined Federal & Provincial MTC
N/A
$ 6,048.20
"Out Of Pocket" HealthCare Costs After Medical Tax Credit
N/A
$ 2,778.71

Taxes Paid On Earnings You Used
To Fund Net HealthCare Costs*

$ 0
N/A
Company Funds Used To Reimburse Eligible Medical Expenses
$ 6,500.00
N/A
Claim Administration Fee @ 8 %
$ 520.00
N/A
GST/HST Paid
On Claim Admin Fee @ 13 %
$ 67.60
N/A
PST Paid On
Eligible Medical Expenses @ 0 %
$ 0.00
N/A
Premium Admin @ 2%
Including Tax
$ 130.00
$ 8,826.91
Total Funds Used To Provide
For HealthCare Costs
$ 7,217.60
Total Saved When Using
The Health Plan
$1,609.31


Calculator for illustration purposes only.
Please review with your tax professional.

*Marginal Tax Rate used in calculation 31.48 %
MTC Threshold effective 2016 tax year




Copyright The Health Plan Inc. 2005-2010. All Rights Reserved. E&O E [ Terms of Use ] [ Privacy ]
Powered By Barrons Internet Solutions Ltd.