For many Canadians, the most attractive perk of employment is coverage under a health care plan. Usually with large employers they enter into such plans with insurers and cover all or part of the employee premiums. These are called private health service plans (PHSP)
For tax purposes, a PHSP is defined as a contract of insurance in respect of hospital expenses, medical expenses, or any combination of such expenses.
Source: National Post
Added on April 16, 2007