The Case for Health Spending Accounts: A Valuable Option for Your Small Business Clients
As an insurance advisor working with small businesses, you’re familiar with the challenges your clients face when it comes to employee benefits. Many struggle with the costs and inflexibility of traditional insurance plans. Health Spending Accounts (HSAs) offer a highly attractive alternative for your small business clients. Let’s examine why HSAs might be a fitting choice for them.
We want to refresh our list of popular items that can be eligible under a Wellness Spending Account (myWSA)! Some new items we have seen are:
Pet adoption fees
Health app subscriptions
Utility bill payments
Hiking gear
Musical instruments and lessons
Car maintenance expenses
Skincare and beauty supplies
What are some items you think should be added to our list of suggested eligible myWSA expenses? Send them to our Head of Experience, Danielle Constantine here
At myHSA, we are committed to helping you create an incredibly inclusive and supportive workplace for all employees. One crucial aspect of this is ensuring that flexible benefits cover DEI initiatives, like gender-affirming services.
Tips for Advisors from Your Account Team
Halfway through 2024 (we know, it blew our minds too)
July 1 marked the halfway point for most plans. Now is the time to review utilization and start brainstorming ways to engage employees for the rest of the year!
Large Group Demos
Justine, our Account Manager, is here for your large group demos! Take advantage of the slower time of year to get your large groups familiar with the myHSA system before busy season starts!
Group with 10 lives or more?
If you have a group with 10 lives or more, fill out the Import Spreadsheet (located in your resources tab) with all the required data and send it to support@getmyhsa.com and we will import the employees for you!
Prospect Centre
Our Prospect Centre on your Advisor Dashboard is a great source of information! You have access to instant proposals, our quoting tool and even benchmarking data anytime you need it.
Switching to myFlexplan mid-year
Is your client ready to make the switch from an HSA to myFlexplan? This is a great and easy option for your clients whose needs have changed or who are ready to have more flexibility and options. The best news is that switching to myFlexplan mid-year is easy! Just ask us at support@getmyhsa.com
Platform Updates
Multi-Factor Authentication for Plan Administrators
Multi-Factor Authentication (MFA) via text message is now available for all Plan Administrators! If a Plan Admin would like to receive an MFA verification code via text message, they can add their phone number to their myHSA account under "Settings." The default method for MFA is via email.
New and Improved Clients Tab
Looking to add a new client? Clients tab. Looking to edit an existing client? Clients tab. Looking to add or see your client's employee list? ...you guessed it, Clients tab! As a busy advisor navigating multiple provider sites, we want to make your life as easy as possible by putting everything you need to know in one handy location.
Missing your Employees tab? Easily navigate back to the full employee listing by heading to Clients and clicking the "VIEW AND SEARCH ALL EMPLOYEES" button.
myHSA Help Articles
Our incredible Support staff are always adding to our library of answers for Frequently Asked Questions! With everything from making claims, definitions of common (and not-so-common) terms, eligibility, and so much more, everything you need to know about myHSA is available anytime.
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