December Advisor Newsletter
Looking back at 2022
2022 has been an epic year for myHSA in many ways! As I look back, this is the first year that I feel like the company is being noticed and accepted, and we have begun our journey to change the way in which Spending Accounts are utilized in this industry. Here are some of my highlights for the year:
Our 2023 Predictions
We started this last year and thought it would be fun to do again!
Before we jump into the 2023 predictions, let’s see how I did last year. The 3 trends we predicted for 2022 were:
Important Notices for January
January 1: myFlexplan
Employees will be sent an email notifying them to make their allocation between HSA and WSA. They will also be reminded with 8 days left in the allocation and the day before the allocation closes
An email campaign will be sent to employees in the plan's grace period notifying them to submit outstanding 2022 claims. No action is needed by the Advisor for these automated emails.
Advisor Deposits for 2022
Any Advisor accounts that were below the $50 threshold in 2022 will be deposited and cleared on January 6.
To pull the Taxable Claims Report if your client has a plan that includes Wellness or if they have employees in Quebec! Advisors may find that the Utilization Report will be helpful as well to see how the company has used their plan.
These, and all other reports, can be found under the "Reports" tab on your Advisor Dashboard.
Now Available: Benchmarking
As of December 6, Advisors are now able to access benchmarking statistics for their clients. Advisors are able to input group size, industry and plan type and receive a report showing the highest, lowest, and average plan amounts for similar companies. Look for Benchmarking in the Prospect Centre on your Advisor Dashboard.
New Feature: Taxable Benefits Reimbursement Freeze
What is the WSA Reimbursement Freeze? For employers who record taxable claims on payroll, the WSA Freeze pauses wellness claim reimbursements, allowing the plan administrator to pull final reporting on taxable benefits before year-end.
Why is it helpful? The freeze ensures T4s match payroll, requiring no further year-end adjustments after the final payroll.
What about claims for employees? Employees can still submit wellness claims during the freeze, and eligible approved claims will deduct against the WSA balance. However, reimbursement will not occur until the new year, counting as a taxable benefit in 2023.
To implement this optional freeze, please contact our Support team
myHSA is pleased to announce our partnership with Dialogue Virtual Healthcare!
myHSA is very excited to provide Dialogue's Integrated Health Platform™ to our advisor partners across Canada. The complete suite offering will include Primary Care, Stress +Mental Health programs, fully re-imagined Employee Assistance Program, and preventative Wellness program for small groups - exclusively through myHSA. If you have any questions regarding pricing, how to add Dialogue, or would like to discuss any other details, please contact Partnerships Manager, Justine Dojcinovic.