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We are on a mission to empower businesses of all sizes by simplifying the process. Our mission is to provide a platform that understands the intricacies of business operations, offering not just coverage but a partner in risk management.
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- 3 Mins
A step by step guide to manage your dependants covered under your HSA in Wellbytes.
- 2 Mins
A step by step guide to add a bank account in Wellbytes. If you have an approved claim on Wellbytes, you will need to link your bank account to receive the refund amount.
- 3 Mins
In today's competitive business landscape, Small and Medium Enterprises (SMEs) face numerous challenges in attracting and retaining top talent while managing costs effectively. As SMEs strive to differentiate themselves and create an attractive workplace environment, innovative employee benefits solutions become increasingly important. One such solution that has been gaining traction is spending accounts. Let's explore how spending accounts can benefit SMEs and empower them to thrive in the modern business world.
- 3 Mins
An employee class is a category of employees which is used to group employees based on job-related criteria, such as job titles or departments, pay scale, or branch in corporate hierarchy. When it comes to benefits, they may also be used to offer different coverage.
- 2 Mins
Imagine an employee benefits plan as a seesaw, with benefits on one end and employees on the other. If employees use too many benefits, the balance tips unfavorably. But if they don’t have enough coverage, they struggle to stay healthy.
- 3 Mins
A Health Spending Account (HSA) is a perk for employees that provides compensation for various health and dental costs, typically covering expenses beyond those included in a conventional, fully insured plan with Extended Health Care (EHC) coverage.
- 4 Mins
Think of a Spending Account like a bank account. It’s an account full of money, the amount being determined by the employer, for employees to spend on eligible expenses. The amounts reset with each new benefit year, and the dollar amount can be accessible to employees on an annual, semi-annual, quarterly, or monthly basis.
- 3 Mins
A Personal Spending Account is a taxable allowance designated for employees to receive additional wellbeing options beyond the traditional health and dental plan. Employees often place a lot of value on the perks provided through a PSA. These employee benefit plans are often referred to as Flexible Spending Accounts or Wellness Spending Accounts (WSAs) in Canada.
- 4 Mins
Non-profit organizations operate a little differently than most businesses. These differences necessitate specific considerations when devising an employee benefits plan. Non-profits organizations don't pay taxes, but they have to show their finances to the public so donors can see how their money is used. These differences bring along specific considerations when it comes to providing an employee benefits plan.
