Research
myHSA opens up Dialogue for small groups
myHSA's new partnership with Dialogue brings virtual healthcare to small groups through the advisor channel — a model that's strategically aligned and mutually beneficial.
News
April 2023 Advisor Newsletter
How inflation affects HSA spending account limits, plus important April notices including grace period reminders and upcoming advisor events.
myHSA
Updated on:
Inflation and Health Spending Accounts
The insurer doesn’t forget to apply inflation to traditional benefits, are you forgetting to apply it to spending accounts?
In a nutshell, spending accounts are a fixed allowance of dollars set aside for employees to use on eligible expenses; if said expenses are suddenly more expensive, the allowance won’t go as far.
Click here to keep reading Important Notices for April
If your client has a 120 day grace period, and their plan renewed on January 1, the grace period will be over at the end of April.
The grace period is the time after renewal for employees to submit any outstanding claims from the previous benefit year. myHSA allows for a grace period of either 0, 30, 60, 90 or 120 days and is customizable in the plan design.
In case you missed it: Clearing up the 10% rule
We want to talk about the 10% rule and why it is confusing and made things worse - not better.
A few years ago, CRA made an update to HSAs and what can be claimed. The update said:
A self-insured plan meets the “all or substantially all” (generally 90% or more) requirement for a calendar year if all or substantially all of the benefits paid to all employees that year are for medical expenses that are eligible for the
METC .
Click here to keep reading
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Exclusively for our valued Advisor network. Look here in each newsletter for featured content from myHSA and our other trusted sources that you can send to your clients who may not quite "get" HSA's, WSA's or flex plans just yet.
We even have a new " Employer Resources
" section where we will be publishing new content to help educate businesses on the benefits of different plans. myHSA Plan Comparison
What is a Health Spending Account?
What can I claim with a Health Spending account?
What is a Flexible Spending Account?
Balances Explained HSA's for Sole Employees
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Blog Highlights
Other Insights
Expert insights on flexible benefits, employee retention, and CRA-compliant plans in Canada.
Insights
What can you claim with a Health Spending Account?
Eligible HSA expenses are defined by the CRA and include a wide range of health, dental, and vision items — here's a plain-language breakdown of what's covered.
Insights
The Advantages of myFlexplan
myFlexplan combines the tax benefits of an HSA with the flexibility of a WSA, giving employees the power to choose benefits that fit their personal needs.
Insights
Using Health Spending Accounts for Specialized Education
HSAs can help cover the costs of specialized schooling, tutoring, and education for employees or dependents who are disabled or differently-abled.
