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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.
To begin your registration with Wellbytes:
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:
If you are a business owner looking to sponsor a plan for your employees who are not your dependents:
If you are a business owner and you are getting a plan just for yourself and eligible dependents such as a spouse or child:
Other than that, Wellbytes has:
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.
Yes we do! We are registered in Quebec as Solutions Wellbytes under the Quebec Enterprise Number (NEQ): 1181343527.
Click here to visit our website in French.
Wellbytes is Canadian owned and operated and is a tech company first. We ensure our proprietary CRM and mobile app provide the best and most seamless experience for plan sponsors and members.
We are not owned by large insurance or trust companies and will not tie our plans to any other insurance products so we will always have your best interest at heart. Other HSA administrator may be owned by other investment companies outside of Canada.
We want the best for our users and our system is designed for Canadian companies and their employees, not for insurance brokers or advisors.
Our systems are owned and designed by our team which allows us to consistently enhance our plan sponsor and member experience, while other administrators may not have an app and results in a manual and time consuming claim process. If you want simple, cost effective health and wellness plans without brokers and complex insurance, Wellbytes is your solution!
An HSA is often better than buying a travel insurance policy. This is because the CRA allows for eligible medical expenses outside of Canada to be covered under an HSA. So instead of paying premiums for coverage you may not use and is often restrictive depending on length of stay, includes deductibles and has other limitation such as pre-existing conditions, an HSA will cover you for eligible medical expenses in a much simpler and cost effective manner. With Wellbytes, just simply submit your medical expense claim outside of Canada just like a regular claim!
Other HSA administrators may be owned by large insurance companies or may be compensated for selling a policy, they may try to sell you travel insurance as part of administering your plan. Be informed! Consult with tax professionals where needed and find the plan that works best for your family and budget.
Asolutely! HSAs are a great option for small businesses or incorporated individuals but they also provide significant cost savings for medium and large enterprises. HSAs allow plan sponsors to set their budgets and with Wellbytes carry-over and fund return options, plan sponsors save significant amounts of money and offer a much more flexible, tax-free benefit to their employees.
Imagine a policy where you‘re only paying for what your employees use- that’s how our plans work! Wellbytes has provided significant cost savings for medium and large companies. Read our cast study here.
Compare the cost savings to a traditional group health insurance policy that charge an inflated premium that is not returned and is paid regardless if your employees use their plan or not. And in the case of high usage, premiums will incease at renewal putting the plan sponsor in a lose-lose situation.
Generally, Wellbytes markets to businesses looking to sponsor employee benefits so we don‘t pay high broker commissions which allows to keep our pricing competitive. Wellbytes does work with strategic partners who look out for the best interest of our customers.
Insurance brokers and resellers receive a high commission by selling or renewing an insurance policy resulting in not always providing the best solution for businesses and their employees. When they do offer an HSA, it is sold as a “nice to have” to cover gaps in health insurance after they‘ve already sold a group insurance policy.
When an insurance company pays a broker commission, they are ulitmatley paid by the plan sponsor through the premiums paid by the business.
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.
If you are a business owner looking to sponsor a plan for your employees who are not your dependents:
If you are a business owner and you are getting a plan just for yourself and eligible dependents such as a spouse or child:
Other than that, Wellbytes has:
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.
Some businesses decide to offer these policies as part of their benefits. It‘s really up to the budget of the business and how much they want to include as part of their overall compensation package. These types of policies are designed to cover catastrophic or unlikely events. Insurance in general is meant to cover unlikely occurences and premiums are calculated based on the likelihood of a claim being made.
Compared to health benefits, employees and their families will always need to spend on dental, vision, prescription medicine and mental health. A health insurance policy for employees collects premiums from a business and administers their plan, while limiting coverages to time frames, have a tedious and lengthy claim process and caps usage to maximize profits. An HSA is a much more cost effective way of providing health benefits to your employees couples with tax savings for both the business and employee.
Leave your information below and someone from our Wellbytes team will get back to you ASAP!
