Quote:
Originally Posted by macker
What are some examples of these cases? On a dollar in dollar out basis some of the traditional plans like Blue Cross, Manulife, Great West Life, Desjardins, GMS will end up costing more per year without a doubt. It is just a different way to finance health and dental and PHSP gives you more coverage for less money at the end of the year. Many people don't understand but either way you are going to be paying out money each month and if you aren't you should set that money aside regardless for when you need to use it. PHSP isn't a use it or lose it proposition but rather a pay as you go. A more honest approach to health and dental and 100% legit.
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Ya, I agree that they have their place and they do save a business some money. I gave an example underneath though; if you have a limit for employees on the dollar amount then this could be chewed through in one dental visit (for example). You won't see that with prescriptions or paramedicals very often, but some of the bigger ticket costs can lead to that issue.
I'm not at all suggesting that people shouldn't use these at all, and not for a second saying that they are a bad product. You're right to say that its a different way to get that coverage and has some definite benefits.