Put the tax savings to work for you
If you can spare an additional $50 a year to put toward your family’s health, you can potentially afford an Alberta Blue Cross individual health plan. That’s because if you’re self-employed, your rates may be tax deductible.
There's never been a better time than right now for you and your family to enjoy the benefits of an individual health plan from Alberta Blue Cross.
That's because Canada's taxation laws now allow you to deduct the cost of your Alberta Blue Cross health and dental plan premiums. That could mean sizeable savings off the cost of coverage for you and your family!
Thousands of Albertans without access to employer-sponsored group benefits—people just like you — have already acquired individual health plans from Alberta Blue Cross.
Tax savings for individuals
Premiums for health and dental coverage can be added to your other medical expenses when calculating tax credits. All medical expenses, including health and dental plan premiums, may be claimed for any 12-month period ending in the taxation year, against either spouse's income.
To claim your premiums, just include them in your total medical expenses on your tax return. Call your accountant or Canada Revenue Agency (formerly Revenue Canada) for more details about how Alberta Blue Cross health and dental premiums can save you tax dollars.
Tax savings for incorporated businesses
Owner-managers of incorporated businesses can continue to claim their health and dental premiums as a business expense. Premiums paid would not be included as income, or considered a taxable benefit.
As an employer, there are many great reasons to provide benefits to your staff. Here's another: the premiums you pay on their behalf are tax deductible. Your employees meanwhile, receive a benefit that's not considered taxable.
Tax savings for self-employed Albertans
Does an Alberta Blue Cross individual health plan at up to 45 per cent off the regular cost sound like a good deal?
You bet it is.
If self-employment is your primary source of income, you can deduct premiums you pay as a business expense. Add that savings to what you'll save on out-of-pocket health and dental expenses each year, and you'll be surprised how little an individual health plan actually costs.
|Approximate cost per year, for a family of three|
|Alberta Blue Cross Blue Choice Plan B rates||$2148|
|Tax savings (at 32 per cent marginal tax rate)||-$687|
|Net plan cost (including tax savings)||$1461|
|Remember, if your marginal tax rate is higher, you gain even greater tax savings.|
|Saved annual expenses (conservative estimates)|
|Dental check-ups and cleanings (two adults and one child)||$936|
|Fillings and dental work||$200|
|Eye exam, glasses/contacts||$100|
|Net plan cost||$50|
|Including tax savings and existing expenses|
The above is an example only.
Now consider the "what-ifs"... such as a root canal or chipped tooth, a hospital stay or an unexpected expense and you come out ahead.
Your plan could potentially pay for itself on everyday costs alone.
Plans for individuals and families
Enjoy the benefits of an individual health plan
Call us today! Regular office hours are Monday to Friday (8:30 a.m. to 5 p.m. Mountain Time)