Okay, we know - it’s easy to assume that adding options or upgrading plans means extra costs. But with myHSA, that's simply not the case! Switching from the basic myHSA plan to myFlexplan is a zero-cost upgrade. Our base rate remains consistent no matter which plan type you choose, and adding Wellness Spending Account (WSA) items doesn’t increase fees either. It's a no-brainer!
Here's what you need to know about enhancing your plan without added expense.
1. The Same Base Fee, No Matter the Plan Type
Whether you stick with the classic myHSA or decide to upgrade to the more flexible myFlexplan, our base rate stays the same. This gives you the freedom to design a plan that fits your organization’s needs without worrying about costs creeping up. Questions about the fees? Reach out to your Advisor who can give you the full breakdown.
2. Adding WSA Items Won't Add to the Cost
Want to offer a broader range of wellness options? Adding WSA items to your existing WSA plan is seamless and cost-free as well! Our goal is to help you build a comprehensive plan that supports employees' health and wellness without any hidden costs. You get a well-rounded benefits package at the same base rate, with no additional charges for flexibility.
3. A Well-Rounded Plan, Cost-Effective and Tax-Smart
Upgrading to myFlexplan provides flexibility for employees and doesn’t cost more than a traditional HSA. However, understanding the tax implications is essential, as HSAs are non-taxable (except in Quebec), while WSAs are taxable across Canada. By balancing HSA and WSA items, you can offer a richer plan without inflating your costs.
With myHSA, choosing a better benefits plan doesn’t mean higher fees, why do you think our slogan is "Build Better Benefits?" You have the freedom to design a plan that fits your employees' diverse needs and aligns with your budget—no strings attached. Upgrading has never been simpler!
Reach out to your Advisor if you'd like to upgrade your benefit plan!