top of page
  • myHSA

February 2024 Advisor Newsletter


One could argue that February is the month of love, but with myFlexplan, you can help employees feel the love all year long.  Giving them the power over their own health and wellness journey ensures that employees make the choices that work the best for them!



 

Valentine's Vibes: Showing Co-Workers you Care

Years ago, I read the 5 Love Languages by Gary Chapman, discovering that people feel loved in diverse ways. While we may intend to show appreciation in a universal manner, it's crucial to recognize that gestures can land differently depending on the individual. Here are some inadvertent ways we've incorporated these concepts into our workplace:



 

Survey on Wawanesa Product Offerings

We have begun taking a closer look at our Travel & Catastrophic, as well as our Travel, Catastrophic, Life AD&D & CI products. We have compiled a quick survey that should only take a couple of minutes, if you could find some time to go through the below link that would be greatly appreciated!



 


 

Clarifying Common Myths and Misconceptions Surrounding HSAs

We get questions all the time regarding the rules of Health Spending Accounts, from companies with one shareholder-employee, around T4 income, discretion around the limit of an HSA and more, so we decided to do some myth-busting to kick off 2024!




 

Important Notices for February

New Canada Dental Benefit

For the purposes of T4 Reporting - the CRA does include a Health Spending Account as private dental coverage; therefore, must be coded properly by employers offering the benefit.

Given that this is a recently introduced government benefit, we are cautious in offering an official response to inquiries regarding the removal of dental coverage from the HSA to access the benefit. While the platform may provide an option to exclude dental coverage, it remains uncertain how the Canada Revenue Agency (CRA) will address such actions.

 

Re-Signing Terms and Conditions

All Plan Admins will be required to agree to our myHSA terms and conditions each year upon renewal!

The agreement is signed digitally via the platform and they will automatically see a pop-up on their renewal date. 

 

Important Information for Plans that Renew January 1

Get more details and clarification on plans that renewed on January 1, 2024 here

 

Taxable Claims Reports

Plan Administrators at companies with a WSA or who have employees in Quebec should login and pull the Taxable Claims Report to ensure all taxable claims are added to T4 statements.

 

Did you know?

Advisor deposit statements can be sent to other email addresses other than the advisor. If there is a department you need them sent you, please let us know and we can have them automatically forwarded to that email address each month.


 

It's not too late to switch to a myFlexplan!

 

Positioning a myFlexplan: Empowering Employees with Choice

It’s not uncommon for advisors to tell me that the client “just wants an HSA for now, they don’t want to overcomplicate things for them or the employees with more options.” I get the sense that the advisor is actually not comfortable with the plan and how it operates and would rather stick to what they know. So, let’s bring everyone up to speed! 


 

Switching from myHSA to myFlexplan

So, your client is thinking about moving from a myHSA to a myFlexplan and the broad scope of benefits it provides. Sure, the myHSA is a great option, but myFlexplan is super customizable, and the employees can choose how to optimize their benefits in a way that is perfect for them. 


 

myFlexplan Allocation: A Complete Guide

myFlexplan is taking the spotlight as our fastest-growing plan type (because it's amazing), but with myFlexplan comes a term that might be new to employees: "Allocation."



 



58 views

Recent Posts

See All

Comments


bottom of page