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
March 2023 Advisor Newsletter
Clearing up the CRA's 10% rule for HSAs, a social media reminder, and important notices for advisors heading into the busier spring renewal season.
myHSA
Updated on:
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
Let's get Social!
We don't like to spam your email inbox, which is why we only send one Newsletter to our Advisors each month! BUT - if you want even more tips, information, news, and more you should follow us on our social media!
Make sure to hit that " Follow
" button for each platform you want to follow us on!
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Follow us on Instagram Why we only work with Advisors
This blog was originally intended to be for a company on why you need an Advisor, but it morphed into why WE ( myHSA ) choose to work only with the Advisors and not direct with the business clients.
Click here to keep reading Important Notices for March
Grace Period — If your client has a 90 day grace period and their plan renewed on January 1, the window to submit last year's claims will expire at the end of March. 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.
Should I be the Plan Admin on my client's plans?
No, as the Advisor you can see and do everything (and more) that the Plan Admin can. The Plan Admin should be the individual at the company with extended access.
What is a Referral Partner?
A referral partner is a person or company whom you need to compensate for a client. The Referral Partner may be in-house or a third-party. Reporting will demonstrate which clients are connected to the Referral Partner, and what their earnings are. If you have both an RP role (with another firm or TPA), as well as an Advisor profile, we would gladly sync your profiles to ensure you can easily navigate between your business functions.
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.
