There are MANY reasons why the responsibility of running a Health Spending Account, Wellness Spending Account and/or Flexible Spending Account should be left in the hands of the experts (us!). Keep reading for just a few of the reasons why an HSA/WSA/Flexplan should NOT be run in-house.
Are you familiar with what expenses are eligible, as determined by the CRA? An employer must operate the HSA to pay for the employee expenses tax free. If they do not have this expertise, or are not comfortable paying the expenses, then the employer should be seeking guidance from their Advisor.
This is a big one. Will employees be comfortable submitting their personal medical information to their supervisor or HR? Employees need to be comfortable submitting any and all claims with the guarantee and knowledge that their privacy is respected. Also, should an employee/employer relationship break down, information cannot be held against the employer.
Managing spreadsheets, keeping track of receipts and waiting for claims to be reimbursed, on top of everything else an employer or HR department has to do in a day is not an experience that anyone wants to manage. With our 100% digital, all-in-one solution, including adjudication of claims, employees have a seamless benefits experience from start to finish.
Are you prepared to spend the time and resources necessary to administer an HSA/WSA/Flexplan? Considering the amount of time and energy managing these plans can take, it is more beneficial to let myHSA take care of all the heavy lifting and spend your time on what matters most to you and your business.