MyHSA & FWC Benefits
MyHSA can accommodate PHSPs designed specifically to meet the needs of the employer and their employees. The system will allow and track for both non-taxable (Health care Spending Accounts) and taxable (Wellness) programs.
What makes the MyHSA system better?
The company’s plan administrator can keep track in real-time, employee additions/deletions, and see claims history (not private employee claim detail). The plan administrator is not responsible for making claims on behalf of the employee(s).
Each employee has their own separate and secure login that they can use to track past, pending or to submit new claims.
The MyHSA system takes away the paper!
All claims are made online. An employee makes a claim and it sits as ‘pending’ until it gets final approval. After approval, the reimbursed amount gets directly deposited into the employee’s bank account. The whole process takes 1 – 3 business days, provided the information and receipt(s) submitted are detailed and accurate. Employees simply take a photo of the receipt(s) and submit either through their web-login or by downloading the MyHSA app!
What types of expenses are covered?
The employee may claim for any medical expenses that are allowable under the Income Tax Act. This is a very wide range of services that include many items that are not typically allowed under a normal group benefits plan. See list of eligible expenses under ‘Forms’.
For more information, on claim submission, the programs available or login, please contact us by email at myHSA@fairfieldwatson.com or call (403) 262-7278.
FWC Benefits Inc.
FWC Benefits Inc. helps Canadian employers and employee groups create flexible Private Health Service Plans (PHSP) by focusing on individuals’ health and productivity and employing the full utility of technology to administer claims and claims adjudication. We’re committed to exceeding expectations by offering the highest quality service and being consistently responsive and flexible within Canada Revenue Agency guidelines. Fairfield Watson Benefits expertly administers health and dental benefits programs including Health Care Spending Accounts and Cost Plus Programs.
Our flexible PHSPs offer diverse options that can help build a customized group or individual plan. One integrated system is used for all claims adjudication, allowing us to coordinate and process your PHSP quickly and seamlessly.
Your benefits program should complement your company’s values, mission and approach to total compensation. We can help you customize a cost-effective plan that your employees will value backed by our superior execution and services to maximize your investment. PHSPs can be used to:
- Create flexibility in clients’ health/vision/dental funding
- Complement components of clients’ existing benefit plan (dental, health)
- Reimburse amounts that were not covered under another plan, such as the deductibles, coinsurance amounts, and amounts beyond the maximums
- Reduce administrative expenses associated with health and dental benefits
Items eligible for reimbursement include:
- Any medical expense tax credit under the Income Tax Act regulations and subject to Canada Revenue Agency’s (CRA) interpretation
- Any items for which you are not receiving benefits coverage under a provincial health insurance plan or under your group benefits plan or your spouse’s group benefits plan
Healthcare and Wellness Spending Accounts
HealthCare Spending Account (HCSA) and Wellness Spending Accounts (WSA) have become a popular alternative to traditional group health and dental plans. They are practical, affordable, flexible, and a cost-effective way to meet the changing needs of many employers and diverse needs of many employees.
A HCSA is a pre-determined amount of money provided to employees at the beginning of each benefit year for coverage of their medical and dental expenses. The claims are submitted by employees and reimbursed in a similar fashion to a traditional benefits plan. Eligible expenses are reimbursed at 100% up to the total dollar amount available in the HCSA. A HCSA can replace or exist alongside traditional medical and dental coverage. HCSA’s ensure controlled benefit costs for the employer and complete claim flexibility for the employees.
Unlike a HCSA, which is subject to allowable categories under the CRA and is a non-taxable benefit, a Wellness Spending Account is designed by the employer and wellness items are a taxable benefit for the employee. The employer allocates an amount to this account, and will specify the wellness items that their employees can claim, including items such as:
- Personal training
- Gym, or Gym membership
- Fitness Equipment
- Sporting goods
- Sports League Memberships
- Stress Management Program
- Weight Management Program
- Personal Development course
- Holistic (alternative) medicine practitioner
- Alternative transportation
A Flex Plan allows employers to set an amount per employee, in which the employee gets to allocate an amount between a list of available options. Employers can offer different accounts under one plan, including Health, Wellness and RRSP accounts, allowing the employee to select the benefits that best suit that employee’s needs based on their stage of life.