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January 2021 Advisor Newsletter

The origin story behind the myHSA name (a lunchroom raffle and a bottle of bad wine), plus employer-paid voluntary products and what's coming in February.

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The myHSA Story...so far — People ask us where our name came from. I wish I could tell you it was by design, that it was derived from Ancient Greek mythology or we spent a ton of money at a marketing firm to get it. The real answer? It was named in a lunchroom raffle for a sh***y bottle of homemade wine on a regular Friday afternoon at my old company.

Click to keep reading ...are you ready for it?

Employer Paid Voluntary Products — "Here is your allowance, don't spend it all in one place!"

A large insurer recently rolled out “Portable Benefits”, proving the desire to offer greater plan flexibility is alive and well in 2021. Voluntary benefits like these, offer employees choice while offering companies solace from the opportunity cost of giving one benefit over another.

Click to keep reading — Continuing the Conversation on Employer Paid Voluntary Products

Helping employers foster company-wide health and greater plan flexibility – empowering employees to choose custom and comprehensive benefits packages to suit their lifestyles, with voluntary benefits.

Join us for our next webinar with Steve McEwan Wednesday, February 17, 2021

11am MT Click here to register now

Autobots...ROLL OUT!

Have you met our newest employee, Autobot? Autobot will be working alongside our amazing adjudication team and assisting with instant claims adjudication using OCR - simplifying the process.

Podcast Feature — Join Tim Kane and David Emanuel from IDC Worldsource Insurance Network as they discuss the state of the industry, addressing challenges with technology, impacts of COVID-19, and more on David's D-BEnefits podcast.

Click here to listen to the Podcast Resources We Love

Click the title to follow the link

"Insurance: Get Younger, Get Digital, Get Flexible"

"CRA allowing employees to claim up to $400 work-from-home tax deduction"

"Meeting the growing need for mental health with virtual care

" Advisor FAQ Question: — Do unused credits get returned to the company after the grace period is over?

Answer: — The company is only charged if claims are submitted. The plan design sets a max amount the employee can spend per year but the company only pays for what is used. After the grace period reserve is wiped out by the system so the employee cannot spend the funds but it is not returned to the company since it was never withdrawn in the first place.

Question:

What is the grace period on the plan referring to?

Answer: — Grace period is the number of days after renewal that an employee can submit outstanding claims from the previous benefit year. Standard is 90 days. For example, if a plan renewed Jan 1 then an employee would have until April 1st to submit outstanding claims dated Dec 31 and prior.

Question: — What number can I call to get in touch with myHSA if I or my client have questions?

Answer: — We don't have a call centre here at myHSA, we provide all of our support via live chat so that our agents can assist our users at any time, anywhere in the country. Alternatively, you can email us at

support@getmyhsa.com .

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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.

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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.

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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.

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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.

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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...

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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...

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