The Enhance to myFlexplan feature lets you upgrade an existing client's HSA (Health Spending Account) into a myFlexplan by combining it with a taxable WSA (Wellness Spending Account). The result is a more flexible, customizable plan that gives employees control over how they use their benefits- at no additional cost.
What is a myFlexplan?
A myFlexplan is our most customizable plan design, built around employee choice. Like a standard HSA or WSA, employees are placed into a class and given a set balance, but with a myFlexplan, each employee decides how to split that balance between the HSA and WSA portions during the allocation window.
HSA portion: Eligible expenses are governed by the CRA and cover Vision, Dental, and Extended Health items.
WSA portion: Fully customizable by the company. Plan Admins can choose which categories to include and update them at any time.
How the Allocation Window Works
At the start of each benefit year, employees have a 30-day window to allocate their balance between the HSA and WSA. Here's how it works:
New employees: The window opens from the date their benefits become active.
Existing employees: The window opens at each plan renewal.
Employees can set their allocation online or via the mobile app and update it during the window as long as a new claim hasn't been submitted yet.
Once the 30-day window closes, or a claim is submitted, the allocation is locked in for the benefit year.
myHSA sends multiple email reminders throughout the window to employees who haven't yet allocated.
If an employee misses the deadline, a default allocation set at the plan design level determines how their funds are split.
Why Do Employees Need to Allocate?
Allocation is a CRA compliance requirement. The CRA requires that employees commit to how they intend to split their funds at the start of the benefit year, ensuring that an element of risk remains in the plan. The risk element comes from the fact that needs may change throughout the year, but the allocation is locked in once set.
The Enhance to myFlexplan Process
The Enhance to myFlexplan flow is a guided walkthrough, it's just a few steps to take a client's existing HSA and build it into a myFlexplan!
To get started, navigate to your client's Plans page and click the Enhance button on an existing HSA. You'll be guided through the rest of the process from there!
What the Process Covers
Review the current HSA setup - this becomes the base of the new myFlexplan. The existing plan amount is what employees will be able to allocate once the myFlexplan goes live.
Select the customizable details for the new WSA portion including which expense categories will be available to employees.
Choose an effective date - advisors can make the update effective immediately or on the next renewal date.
Save! The new myFlexplan is saved and ready to go on the scheduled date. Welcome emails are automatically sent to employees on that date, and they'll be able to log in and allocate their balance right away. In the meantime, the current HSA continues to operate as usual.
Note: If a client has a standalone HSA and a standalone WSA (with separate set balances for each), only the HSA plan is included in the Enhance to myFlexplan update. A new WSA will be created as part of the process.
Why Upgrade to myFlexplan?
Upgrading to myFlexplan gives employees more flexibility without adding cost. By allowing employees to balance their HSA and WSA allocation, your clients can offer a richer benefits experience without increasing their spend.
The myFlexplan is the most customizable plan design we offer and with the right setup, it allows your clients to give their employees a benefits experience that's truly built around them and fits their diverse needs.
This Feature is Also Available for Plan Admins
Plan Admins can also action the Enhance to myFlexplan update on their end. However, Plan Admins will only have the option to schedule the update to be effective on the next renewal date, they cannot make it effective immediately.