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 January
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
Exciting News 🔥
You may have noticed that our Live Chat looks a lot different! This elevated look and feel will help us provide you and your clients with more efficient and personalized service.
Rest assured that our commitment to having human agents available for you remains steadfast! If you haven’t had the chance, give it a try!
Any and all feedback is welcome - please email email@example.com with your comments!
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."