This time last year, we were setting goals, reconfiguring our overcrowded office, and wondering what the future holds. Little did we know there would be murmurs of a pandemic in January, followed by a complete shutdown in March—a hurdle for our company and business model.
Why move from an HSA to a myFlexplan?
We have seen an influx of Advisors ask about moving their client from an HSA to a Flexplan - and it's a great idea! First off - what’s the difference between a myHSA and myFlexplan? myFlexplan is a flexible plan that allows the employee to actively participate in their benefit selection. The employee will allocate their annual limit between their HSA and WSA (wellness spending account). Once the employee has allocated, the chosen split is locked in until the following renewal. Moving to a myFlexplan from a health spending account is a great way to boost engagement and employee satisfaction. The employer can design the plan to reflect the values of their individual business while supporting employee’s lifestyles, health care needs and mental health. Just a few of the items that some employers choose to reimburse are:
Child care costs
Weight loss programs
Personal training
Kids sports fees
Veterinary/pet care costs
Gym equipment
Teeth Whitening
Spa Services
Holistic/Alternative Practitioners
Cell phone costs
Legal Fees
The list of taxable benefit items that can be offered with a myFlexplan really is endless. Click here to get in touch with us to get started on moving to or adding a myFlexplan for your client.
Introducing our latest add-ons
Epilogue's online platform makes it simple and affordable for you to create your very own Will, Powers of Attorney, and other estate planning documents.
The Wills Only package includes:
Your own custom Will;
Detailed signing instructions;
Statement of funeral and burial wishes;
Free updates, anytime
The Wills + Incapacity Documents package includes:
Your own custom Will;
Detailed signing instructions;
Statement of funeral and burial wishes;
Free updates, anytime
Appointing someone to handle your finances if you become incapable;
Appointing someone to make personal and health care decisions for you if you cannot
Head to your marketing tab in your advisor portal, and check out our latest add-ons to design comprehensive employee benefits packages!
Resources We Love
Advisor FAQ: The most common questions about Renewals
Question:
What do I need to do to make this plan renew?
You can sit back and relax, the system automatically renews plans on the renewal date that was entered in the plan design. Employees will receive their reminder emails as well, so unless you have changes to make to the existing plan, no further action is required in order for it to renew.
Question: When is the deadline for my clients 2020 claims submission? If you look at the plan design for the client and check the “Grace Period” you can see when the deadline for submitting claims from 2020 will be.
Question: Can I change the benefit amount or do I have to wait until after renewal? You can revise the plan amount now and when you Save it will ask you for an effective date, select the date of renewal.
From all of us at myHSA, we wish you a Merry Christmas, Happy Holidays and all the best in 2021!
