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Private Health Services Plan

Funding the PHSP

For all large group plans (and small group plans that have arm's length employees) a “Trust Fund” must be established by the employer.

The “Fund” represents money held in trust at Olympia Trust to allow for reimbursement of proper claims to eligible employees.

Why a Trust Fund?

  1. It allows for seamless reimbursement to employees. That is, all claims go directly to Olympia Trust from employees.
  2. Olympia Trust maintains complete records of claims and dispersals thereby reducing employer administration. Olympia reports to the employer every month.
  3. Privacy protection laws restrict what information an employer has a right to access. Employee health records fall under the Federal and Provincial protection laws.