Starting a new benefits program might sound like a big, complicated task, especially for small businesses. But when it comes to health and wellness spending accounts (HSA/WSA), setting things up is surprisingly simple. Whether you’re an insurance advisor helping your clients or a small business owner exploring options, the onboarding process is much easier than you might think.
Why Bother with Health and Wellness Spending Accounts?
Health and wellness spending accounts let employees access funds for everything from medical expenses to gym memberships and mental health services and even more. For employers, they’re a flexible, budget-friendly way to offer benefits that employees appreciate. Plus, they come with tax advantages, which is always a nice bonus.
The Onboarding Process: Step-by-Step
Let’s break down how small businesses can get these accounts up and running without all the headaches:
1. Figure Out Your Needs and Budget
First things first: Decide whether you want to offer health spending (myHSA), wellness spending (myWSA), or both (myFlexplan). Think about your employees’ needs and your company’s goals.
Next, set a budget. The beauty of these accounts is that you’re in control. Whether you want to start small or go all-in, it’s up to you.
2. Pick the Right Provider
Choosing the right provider, like myHSA, is key. You want one who places priority on the user experience, provides the best support, and who uses simple and clear communication. We are your partner through the setup and beyond, and we make the process as smooth and as simple as possible. Ask us about our live chat and interactive help center!
3. Set Up Your Plan
With your advisor’s help, you’ll decide on the plan details. This includes things like:
What expenses are eligible if you implement a plan that includes wellness.
If dependents are eligible
How much you’ll contribute to employees
The plan year (calendar year, fiscal year, etc.).
Distribution schedules
Funding options
4. Get Your Employees On Board
Once the plan is ready, it’s time to spread the word. Clear communication is key. We have multiple resources including guides, tutorial videos, and more that explain everything in plain language. Hosting a quick info session or sending out a video can also help get everyone on the same page.
5. Launch and Keep an Eye on Things
After the plan is live, our 100% digital platform will take care of the day-to-day stuff like tracking balances and processing & paying out claims. As an employer, you can easily check in, see how things are going, and tweak the plan if needed based on employee feedback.
Why the Onboarding Process is So Simple
Less Admin Work: The myHSA platform handles all logistics, so you don’t have to sweat the small stuff like claim approvals, tracking balances or trying to generate reports – we do all of that (and more) for you!
Fits Any Business Size: Whether you have a handful of employees or a growing team, these accounts are built to be flexible to scale as you need.
Easy for Employees: Your team gets clear instructions and easy access to their funds, making the whole experience user-friendly and hassle-free.
Tips for a Smooth Setup
Choose a Provider That’s Got Your Back: You will want a provider who makes customer support their utmost priority, which is how we do things at myHSA. Ask us about our customer support team and all the different ways we can help!
Keep Employees in the Loop: Make sure your team knows how the account works and what’s covered so they can make the most of it. If you or your employees have questions, our live chat team is here and ready to help.
Start Small: If you’re new to this, start with a simple plan and expand as you get comfortable and see what works best for your business.
Setting up health and wellness spending accounts doesn’t have to be complicated or time-consuming. With myHSA, you can get up and running quickly, offering a benefits package that your employees will love. Whether you’re advising clients or managing a small business, you’ll find that the process is a lot easier than you might expect—and the results are worth it.