It’s that time of year again, when people take a look back at the previous year and identify some changes they might want to make for the new year. Can they finally change bad habits? Has there been a goal they have been thinking about that they will finally act on accomplishing this year? Having the extra support with myFlexplan can be just what an employee needs to make these positive changes.
Since myFlexplan is a combination of both myHSA and myWSA, it allows employees to allocate their funds in the way that they determine to work best for them. Their myHSA plan covers CRA-eligible medical expenses like dental, vision, chiropractic care and more. The myWSA-eligible expenses are determined by each employer and can be as creative or as specific as the employer wants. Common eligible items include gym memberships, fitness equipment, and other weight loss programs, as well as holistic practitioners, mental health support, life coaches, pet daycare, and more. Let's take a look at some examples of common goals that people set for the new year and how myFlexplan can help them achieve it.
Example 1:
Dan wants to finally run a marathon this year! Prior to having myFlexplan, Dan could not justify the cost of training and working with a professional trainer to get him into peak marathon shape, as well as the cost of medical professionals he would need throughout his training, like a physiotherapist and massage therapist. With myFlexplan, Dan can now start working toward his marathon goal. Dan figured that while he was young and healthy he would allocate more of his myFlexplan funds to his WSA (taxable) so that he was able to be reimbursed more for his personal trainer, as he does not anticipate needing as many professional medical services that would be covered by his HSA portion. By keeping healthy and in shape, Dan also has a better quality of life and feels more valued at work with his employer providing the myFlexplan.
Example 2:
Katie has identified her need to have more mental health support for the coming year. Since mental health professionals are considered an eligible expense by the CRA, Katie decided to dedicate the bulk of her myFlexplan to her HSA (non-taxable) so that she can get the care that she needs. She saves a small amount of her funds to use under the WSA (taxable) portion to help cover pet daycare costs for her dog when she plans to go out of town this summer. Being able to choose where she applies her funds, especially when it comes to mental health, is imperative to employee's health and well-being.
Example 3:
Leanne has fairly extensive health coverage through her husband’s traditional benefits that she has deemed to be sufficient for her health coverage needs, so she decided to allocate all of her myFlexplan funds entirely to the myWSA (taxable) side. Leanne’s goals for the new year include trying new activities, getting outdoors more, and getting into better physical shape. By allocating all of her myFlexplan funds to the wellness side, Leanne is able to receive reimbursement for most things related to her goals, including a gym membership, fitness equipment, ski passes, sporting goods, and camping fees. By being trusted to address her own health and wellness needs in the way that suits her situation the best, Leanne feels valued as a person and has a positive view of her employer. Employees who feel this way are more likely to stay at their company, leading to low turnover and becoming a positive influence on the company’s reputation.
With five different generations in the workplace, employees’ needs are vastly different and traditional benefits can be limiting when it comes to meeting different needs. With myFlexplan, employees have the flexibility and choice to make the choices for their health and well-being that suit them the best!
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