For many business owners, adding complexity to benefits plan administration and communication can be a burden that they would rather not bear. However, there are increased demands for flexibility in benefits plans as Generation Z enters the workforce.
Vital Partners’ myHSA platform makes it simple for business owners to introduce a flexible, defined contribution benefit plan to their total compensation offering. MyHSA can be added as a stand-alone policy or it can be used to enhance a traditional, one-size-fits-all plan.
Flexible Can Mean Very Flexible or Just a Bit Flexible
This platform for flexibility has evolved from a simple pool of money that employees can use to spend on CRA-approved items. Now, myHSA can accommodate Wellness Accounts (where employers have maximum flexibility in terms of what is eligible) or plans that allow employees to choose how they allocate their budget of money.
Employer-determined options include:
Non-taxable Health Spending Account for CRA-approved medical and dental expenses
Taxable Wellness Account that can reimburse employees for virtually anything. The employer determines the list of eligible items, which typically include things like gym memberships.
Group Savings Plan investment to a TFSA or RRSP
Previously, some businesses shied away from offering a health spending account because of cash flow constraints; employees could spend their entire HSA allowance on day one and then quit, for example. Now, the ability to allocate that benefits budget in monthly, quarterly, or semi-annual installments protects employers from the potential impact of turnover.
Employers looking for even greater cash flow stability can opt for pre-funded accounts, where a budgeted amount is deposited to employees’ HSA accounts each month.
Optional Bells and Whistles Make the Platform More Robust
While some Health Spending Accounts offer just that, myHSA offers a range of optional add-ons that can enhance your offering from being a simple pool of money to a suite of tools available to support employees’ wellbeing.
Wello: Personalized virtual medical care by phone, video, and secure messaging, Wello is a telemedicine program that can help give employees the health care they need when they need it. This program is offered at a fraction of the cost exclusively through myHSA.
Arete Employee and Family Assistance Program: This unique program provides employees with a wide range of services and up to 12 hours of counselling on any issue per year.
Travel and Catastrophic Insurance: There are two levels of coverage available. Travel and catastrophic expense coverage or add life insurance as well as critical illness insurance coverage.
myCharity: Part of the value of your organization’s contributions to the community that supports you is the feeling of trust that is built among employees. myCharity is an optional platform that allows your employees to choose where your community investment dollars are allocated.
At the heart of the myHSA offering is the employee’s ability to invest in what matters most to their wellbeing. For employers, it is the ability to fix costs and to tailor a program that meets the needs of the employees that they are trying to attract and retain.