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April Advisor Newsletter

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.




 

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:




 

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!


 

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.


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