Put the tax savings to work for you

Is your health worth

an additional $50 a year?

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.

Example

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
Prescription drugs $175
Eye exam, glasses/contacts $100
Total expenses $1411
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)

Contact information

Edmonton

780-498-8008


Calgary

403-294-4032


Toll free

1-800-394-1965

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Why is health coverage a necessity?

Secure a healthy future.

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