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A Health Spending Account (HSA) is a tax-efficient and cost-effective way for employers and sole proprietors to offer health benefits to employees, their dependants and themselves. Wellbytes HSA is fully funded by the employer.
Health benefits offered through this plan are 100% deductible to employers and 100% tax-free to employees. There are no premiums, hidden fees, deductibles, copay, or complex policies.
Your employees will be able to claim a variety of health, dental, and vision expenses without breaking their bank or category specific limits.
HSA’s in Canada are regulated under the CRA Income Tax Act. More information can be found in the Income Tax Folio S2-F1-C1. All eligible expenses can be found at the CRA website.
All employees are eligible for HSA in Canada.
It is arranged and sponsored by the employer to reimburse health care and dental expenses. The employer deposits a predetermined amount in the health spending account and all employees can benefit from it.
Deadlines vary on the HSA time-limit, Forfeiture time, and Termination usability your Employer has setup.
Please refer to your Employer Group Summary Benefit Plan for more information.
In Canada, the HSA funds go with the Employer.
If an employee would go through a job change or announce retirement, all their funds will go back to the employer.
All eligible medical expenses are determined and governed by the Canada Revenue Agency (CRA).
To see an extensive categorized list of eligible expenses:
To see an extensive list with detailed information of eligible expenses:
We charge a flat $2 + 7% admin fee that is negotiable depending on employer size (amount of employees), on every transaction (reimbursement of claim to employee).
Other than that, Wellbytes has:
No annual fees.
No setup fees.
No enrolment fees.
No maintenance fees.
The expense must be within the effective date of your benefit plan.
Out-of-pocket expenses before the date will not be acceptable as an eligible claim through Wellbytes.
Please refer to your Employer Group Summary Benefit Plan for more information.
Once your employer completes the onboarding and account setup.
An automated email will be sent out with the Wellbytes application download for both Apple Play and Google Store as well as your login credentials to get started.
The Wellbytes application has been designed to help users keep track of everything related to claims.
Here are some examples you can find of that inside the app:
All eligible medical expenses are determined and governed by the Canada Revenue Agency (CRA).
To see an extensive categorized list of eligible expenses:
To see an extensive list with detailed information of eligible expenses:
In addition to the two links above, there will be information regarding eligible expenses in the Wellbytes application.Depending on how your employer has setup:
Unused funds will roll over
OR
Unused funds will return to the employer
Please refer to your Employer Group Summary Benefit Plan for more information.
At this current time, only you, the plan holder can submit claims.
As such, you can submit these claims on behalf of your dependants.
An app. for employee dependants will be in development down the road.
Up to 48hrs.
If there are any complications regarding your claim submission someone from the Wellbytes team will reach out.
After submitting an eligible medical expense, the operations team at Wellbytes will review the claim.
If it is deemed eligible, you will receive a notification on your app. about its status and a direct deposit within 48hrs.
When you setup your Wellbytes account (on the app) for the first time, you will be required to connect a bank account.
This bank account will be where all your reimburse funds from claim submissions will be deposited to.
You can add/change this anytime.
Only receipts on or after the effective date are eligible for submission.
The effective date of the plan is determined between Wellbytes and your employer.
Please refer to your Employer Group Summary Benefit Plan for more information.
To submit a claim through the application:
Please submit your question at the bottom of this page and we will try to get back to you asap.
Nothing! There are no upfront setup or annual fees you have to worry about.
At Wellbytes, you can start your registration for free now.
We charge a flat $2 + 7% admin fee that is negotiable depending on employer size (amount of employees), on every transaction (reimbursement of claim to employee).
Yes.
As the employer, you can customize how much each employee will receive from the fund by splitting them up into classifications with different spending allowances and restrictions.
For example:
Associates could receive $1000
for the year to spend on their medical expenses while
Managers could receive $2000
Depending on how you want to set it up:
Unused funds will roll over
OR
Unused funds will return to the employer (You)
You can always refer to your Employer Group Summary Benefit Plan for more information.
There is no limit to how many employees can be enrolled and on top of this, there are no extra upfront fees for adding.
Yes.
In addition to customizing how much each employee will receive from the fund, you can choose which employees receive them as well.
Leave your information below and someone from our Wellbytes team will get back to you ASAP!