Archway Insurance provides value additions for your employee benefits program, including Health and Wellness Spending Accounts. These flexible benefits are a fantastic way to appeal to all generations in your workforce, as well as improve employee wellbeing.
With a Health Spending Account (HSA), the employer sets aside a certain amount of money per employee per month or per year on a non-taxable basis. Employees can use this amount to obtain medical services, and then they submit the claim details to the insurance carrier.
For example, ABC Company puts $500 per calendar year into a Health Spending Account for each of their 20 employees. These benefits are non-taxable to the employee.
For the claim to be reimbursed, the medical services must be outlined in the CRA’s Income Tax Folio S1-F1-C1, Medical Expense Tax Credit.
The following expenses may be eligible under a Health Spending Account:
A Health Spending Account provides employees with additional coverage on top of their employee benefits program.
With a Wellness Spending Account (WSA), an employer sets aside a certain amount of money per year per employee. For example, ABC Company may put $200 per calendar year into a Wellness Spending Account for each employee. These benefits are taxable to the employee.
A Wellness Spending Account provides much more flexibility than a Health Spending Account, and this account has significant value to employees. It is an effective way of increasing employee retention, engagement, and loyalty.
Eligible expenses for a Wellness Spending Account are chosen by the employer, and the account can cover a wide variety of items. An employer can pick and choose eligible items.
An example of eligible expenses are:
Many employers are using Health and Wellness Spending Accounts to provide better value to their employees. Contact us today to find out more on the benefits and flexibility of Wellness Spending Accounts for your company.
Absolutely! Any amount into a Health or Wellness Spending Account will improve the perceived value of your employee benefits program.
You can choose what happens with the funds. Most employers will choose to have the money refunded to the company. For example: you provide an employee with $1,000 per year, and they only use $500. The unused $500 will be refunded to your company at the end of the year.
No, you can offer a Health Spending Account or a Wellness Spending Account. You can also choose to do both.
"Great service, a place where you are treated as a customer and not just a number."
"The service I received from Stacie at Archway Insurance was more than excellent. The service was fast and Stacie was very knowledgeable and helped educate me on what I needed to do. I would highly recommend this company for your insurance needs. They are exceptional."
"Customer service at Archway is exceptional. I have always had positive experiences and the staff are professional, responsive and courteous. Would highly recommend them."
"Excellent service! Very attentive to my family's needs."
"Painless transaction. Had to sign a form. Was in and out in 3 mins."
"We live in Ontario and my son is attending College in Sydney which made arranging insurance a bit more difficult. Archway was amazing, the Customer Service I received was top notch. Great people to deal with."
Get insurance instantly, ready to buy insurance at your fingertips!