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
February 2023 Advisor Newsletter
Can shareholders have an HSA? A clear breakdown of the element of risk for shareholders, plus a comparison of METC vs HSA savings for business owners.
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Shareholders and the Element of Risk
Can shareholders have an HSA? There’s a lot of noise around this, I think it’s time we clarify our thoughts. First, a disclaimer – we are not accountants, the client’s accountant should have the final say when it comes to their client’s plan design. If the CRA comes knocking on the door, the accountant will be defending the plan and the shareholder’s participation.
Click here to keep reading METC vs. HSA
Many times, we run into a scenario where a business owner is assessing whether to use an HSA or the Medical Expense Tax Credit (METC). If you understand both concepts, it is a no brainer to setup an HSA. Tim and I have always fought to not include the “HSA vs METC Savings Calculator” on the platform because to us it’s unnecessary. In the context of a small business, I’ll explain my thoughts below.
Click here to keep reading Important Notices for February
Grace Period — If your client has a 60 day grace period and their plan renewed on January 1, the window to submit last year's claims will expire at the end of February. 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.
Subscription Notice — Please note that as of January 1, 2023, the Subscription fee model is no longer available for 1 and 2 employee groups. The Subscription fee is too low for the administration and adjudication for these plan limits. There are no exceptions permitted for this change.
To share with your clients
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.
