January Advisor Newsletter
The myHSA Story...so far
People ask us where our name came from. I wish I could tell you it was by design, that it was derived from Ancient Greek mythology or we spent a ton of money at a marketing firm to get it. The real answer? It was named in a lunchroom raffle for a sh***y bottle of homemade wine on a regular Friday afternoon at my old company.
...are you ready for it?
Employer Paid Voluntary Products
"Here is your allowance, don't spend it all in one place!" A large insurer recently rolled out “Portable Benefits”, proving the desire to offer greater plan flexibility is alive and well in 2021. Voluntary benefits like these, offer employees choice while offering companies solace from the opportunity cost of giving one benefit over another.
Continuing the Conversation on Employer Paid Voluntary Products
Helping employers foster company-wide health and greater plan flexibility – empowering employees to choose custom and comprehensive benefits packages to suit their lifestyles, with voluntary benefits.
Join us for our next webinar with Steve McEwan
Wednesday, February 17, 2021
Have you met our newest employee, Autobot? Autobot will be working alongside our amazing adjudication team and assisting with instant claims adjudication using OCR - simplifying the process.
Podcast Feature Join Tim Kane and David Emanuel from IDC Worldsource Insurance Network as they discuss the state of the industry, addressing challenges with technology, impacts of COVID-19, and more on David's D-BEnefits podcast.
Resources We Love
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Do unused credits get returned to the company after the grace period is over?
The company is only charged if claims are submitted. The plan design sets a max amount the employee can spend per year but the company only pays for what is used. After the grace period reserve is wiped out by the system so the employee cannot spend the funds but it is not returned to the company since it was never withdrawn in the first place.
What is the grace period on the plan referring to?
Grace period is the number of days after renewal that an employee can submit outstanding claims from the previous benefit year. Standard is 90 days. For example, if a plan renewed Jan 1 then an employee would have until April 1st to submit outstanding claims dated Dec 31 and prior.
What number can I call to get in touch with myHSA if I or my client have questions?
We don't have a call centre here at myHSA, we provide all of our support via live chat so that our agents can assist our users at any time, anywhere in the country. Alternatively, you can email us at email@example.com.