November Advisor Newsletter
Don't put naked pictures on the internet
I recently listened to an awesome podcast where a tech founder brilliantly and honestly explained to listeners what is happening with their data in a freemium model. I wanted to share what I learned with our team, as it so closely resembled something I’ve been telling my own daughters for years … since they got their first smart phones.
"You know what I have always told my kids about the internet and social media" I questioned. Someone responded, "don't put naked pictures on the internet?"
Coming Soon: Benchmarking
Starting December 6, Advisors will be able to access benchmarking statistics for their clients. Advisors will be able to input group size, industry and plan type and receive a report showing the highest, lowest, and average plan amounts for similar companies. Stay tuned to our social media pages and your Advisor newsfeed in the myHSA platform for more details!
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
This freeze will be available starting Tuesday, November 22. 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.
Based on user feedback:
Some companies would like employees to submit an Explanation of Benefits (proof of submission to insurance) before submitting to their HSA. myHSA's current feature is at the company level, enforcing the rule across all classes; some companies wish to only include this requirement for some classes.
Solution: myHSA has moved this feature to the Plan/Class level. This allows the employer and advisor greater control over the plan design.
Expense List Update
myHSA launched a revamped Expense List on November 1, 2022! Don’t worry – everything that is eligible under the CRA guidelines is still listed – we just changed the format to make it easier for employees to find the categories they need to claim their expenses.
For our advisor community, no necessary action is required. On November 1, 2022, the new list was updated system wide. All claims history and reporting are unaffected. myHSA notified all Plan Administrators of the upcoming change via the portal newsfeed and employees via a popup – on the web portal and app.
To share with your clients
A new feature, exclusively for our valued Advisor network. Look here in each newsletter for featured content from myHSA and our other trusted sources that you can send to your clients who may not quite "get" HSA's, WSA's or flex plans just yet.