October Advisor Newsletter
myHSA opens up Dialogue for small groups
I am very excited about this new partnership that we’ve entered this month, and I wanted to share why we are so excited!
First, strategically, here is why it makes sense. Previously with many of our products, an advisor could go direct to the provider for the same or lower cost; completely defeating the purpose of myHSA also offering the solution. This time, we are more strategically aligned, and have come up with a model that is mutually beneficial.
myHSA is pleased to announce our partnership with
Dialogue Virtual Healthcare
Wednesday, October 26 | 11am MT
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.
**This webinar is CE accredited**
If you have any questions regarding pricing, how to add Dialogue, or would like to discuss any other details before the webinar, 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 is launching a revamped Expense List on November 1, 2022! Don’t worry – everything that is eligible under the CRA guidelines will still be listed – we are just changing 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 will update system wide. All claims history and reporting will be unaffected. myHSA is notifying all Plan Administrators of the upcoming change via the portal newsfeed and employees via a popup – on the web portal and app.
In case you missed it: Overcoming Overthinking
Back to school has brought up a lot of emotions in my household; my young daughter was anxious about her new class and learning to read this year. She told me how she read aloud in class and was ‘so happy she didn’t fail’. My heart sank, I knew we needed to work on her mindset moving forward.
In case you missed it: HSA's for a sole employee
We recently received the question "are PHSP's/HSA's suitable for a sole employee, who is also a shareholder?" An advisor sent us this question after reading this tax update that was sent to them by a client’s accountant.
This week in chat
When can employees expect to be reimbursed after a claim is submitted?
myHSA pays out claims the following Wednesday or Friday immediately after the claim is approved (whichever day comes first). Once an employee's claim switches to "PAID", it may take some time to show in their account. Some banks take longer than others to clear the funds. We typically say the employee should see reimbursement by the afternoon of the day of deposit, or by the next day depending on their bank. Employees need to have accurate banking information entered in order to receive reimbursement.
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.