TORONTO, May 18, 2016 /CNW/ - PPI Benefits, a national marketer of employee benefits, has acquired a majority interest in Calgary-based CustomCare, a provider of Private Health Services Plans (PHSPs).
"CustomCare's affordable healthcare benefits already meet the needs of over 6,000 small businesses in Canada," remarked Jim Burton, Chairman and CEO of PPI. "We see it as an ideal fit with our existing PPI Benefits group to bring this unique offering to even more firms and their employees."
A PHSP is a pay per use alternative that many business owners choose when it comes to employee medical expenses. The product allows businesses to reimburse qualifying medical and dental expenses to employees and business owners. Medical expenses reimbursed through the PHSP are a tax free benefit to the employee and tax deductible to the business.
CustomCare will continue to operate under its current name as a division of PPI Benefits Inc., and David Udy, one of the founders of CustomCare, will stay on as a director of the new organization. "I am excited about this partnership with PPI Benefits and see it as an opportunity to significantly build on our successful growth to this point."
Ed Hofstede, who was appointed President of PPI Benefits in April, added, "Unique proprietary solutions with intelligent tax savings have been a hallmark of PPI since the beginning, and we are pleased to carry on that tradition with CustomCare's first-rate products and easy-to-use technology."
PPI Benefits is part of PPI, a national insurance marketer.
About PPI Benefits
PPI Benefits Inc., a member of the PPI group of companies, provides employee benefits products and consulting services through advisors to Canadian businesses and their employees.
PPI is a leading marketer of insurance solutions, offering actuarial, tax and specialized expertise in all aspects of life insurance, and specifically in its design and custom application. PPI has two complementary marketing channels: PPI Advisory is dedicated to the high net-worth market whose complex estate and tax planning needs demand sophisticated insurance strategies; PPI Solutions is a national resource for insurance advisors who serve the broader Canadian market offering proprietary technology tools, a comprehensive product suite, unparalleled insurer relationships and competitive compensation.
For further information: Media Contact: Barbara Elder, Vice-President, Communications, PPI, 1-416-915-2940, [email protected]