Library
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.
Need help navigating our mobile app? Check out the walkthrough video below.
Searching by Title
- 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.
- 3 Mins
When an employer implements an employee benefits plan, they will need to confirm or deny the percentage of eligible employees who are required to be enrolled in the employee benefits plan.
Participation in the benefits plan is often mandatory and this is especially true for small companies. Most insurers require a large number of participants before they will offer an employee benefits plan that allows some of the employees to opt out.
- 2 Mins
Health Spending Accounts (HSA) are an increasingly popular alternative or top-up to traditional healthcare and dental solutions. HSA gives employees flexibility and enables them to choose how to use their health benefits.
- 2 Mins
Offering the right employee benefits can help employers attract and retain employees.
Navigating the complexities of benefits and taxes can be challenging, and Wellbytes here to guide you through the intricacies. Before deciding to offer a benefit to the workforce, however, it is important to understand the difference between taxable and nontaxable benefits. This article will find out the tax-related aspects and considerations for employees.
- 2 Mins
Employee benefit plans can be easily subjected to fraud or other forms of mismanagement and a good benefits plan audit can help employers minimize this risk while ensuring a sustainable benefit plan.
- 1 Mins
Personal Spending Accounts (PSA), also known as Wellness Spending Accounts (WSA), are recent additions to a benefits plan, focusing on well-being support for employees. Employers allocate a set amount of money to each employee to use on eligible services. PSA are a taxable benefit to the employee.
Recent Posts
[User Guide] How to use Wellbytes’ CRM
Jun 11, 2024
[User Guide] When Employee Account is Activated?
May 31, 2024
