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January 2024 Advisor Newsletter

We get questions all the time regarding the rules of Health Spending Accounts, from companies with one shareholder-employee, around T4 income, discretion around the limit of an HSA and more, so we...

myHSA
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We get questions all the time regarding the rules of Health Spending Accounts, from companies with one shareholder-employee, around T4 income, discretion around the limit of an HSA and more, so we decided to do some myth-busting to kick off 2024!

Click here to read more Important Notices for January

Re-Signing Terms and Conditions All Plan Admins will be required to agree to our myHSA terms and conditions each year upon renewal!

The agreement is signed digitally via the platform and they will automatically see a pop up on their renewal date.

Important Information for Plans that Renew January 1

Get more details and clarification on plans that renewed on January 1, 2024 here

Exciting News 🔥 — You may have noticed that our Live Chat looks a lot different! This elevated look and feel will help us provide you and your clients with more efficient and personalized service.

Rest assured that our commitment to having human agents available for you remains steadfast! If you haven’t had the chance, give it a try!

Any and all feedback is welcome - please email danielle@getmyhsa.com with your comments!

Taxable Claims Reports — Plan Administrators at companies with a WSA or who have employees in Quebec should login and pull the Taxable Claims Report to ensure all taxable claims are added to T4 statements.

Did you know?

Advisor deposit statements can be sent to other email addresses other than the advisor. If there is a department you need them sent you, please let us know and we can have them automatically forwarded to that email address each month.

It's not too late to switch to a myFlexplan!

Positioning a myFlexplan: Empowering Employees with Choice

It’s not uncommon for advisors to tell me that the client “just wants an HSA for now, they don’t want to overcomplicate things for them or the employees with more options.” I get the sense that the advisor is actually not comfortable with the plan and how it operates and would rather stick to what they know. So, let’s bring everyone up to speed!

Click here to keep reading Switching from myHSA to myFlexplan

So, your client is thinking about moving from a myHSA to a myFlexplan and the broad scope of benefits it provides. Sure, the myHSA is a great option, but myFlexplan is super customizable, and the employees can choose how to optimize their benefits in a way that is perfect for them.

Click here to keep reading myFlexplan Allocation: A Complete Guide myFlexplan is taking the spotlight as our fastest-growing plan type (because it's amazing), but with myFlexplan comes a term that might be new to employees: "Allocation."

Click here to keep reading

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Blog Highlights

Other Insights

Expert insights on flexible benefits, employee retention, and CRA-compliant plans in Canada.

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.

Steve McEwan
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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.

myHSA
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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.

myHSA
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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.

myHSA
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Insights

5 Reasons Why Your Business Should Offer a WSA

Wellness Spending Accounts (WSAs), sometimes called Lifestyle Spending Accounts, Personal Spending Accounts, and countless others, are a top employee attraction and retention tool for businesses of...

myHSA
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Insights

5 Ways a WSA Can Help With DEI Initiatives

Diversity, Equity and Inclusion (DEI) initiatives are more important than ever for businesses of all sizes. A Wellness Spending Account (WSA) is one of the best ways to contribute to DEI...

myHSA
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