Providing a wellness spending account (WSA) for your employees demonstrates that you care as much about them at home as when they are at work. It provides each of your employees the flexibility and freedom to choose you they stay well – mentally and physically. A solid WSA Plan allows you to participate in your employees’ wellness by allocating taxable benefit dollar allocations that can be used for non-medical wellness expenses. These could include things such as gym equipment, professional development courses, childcare and plenty more.
Providing a WSA plan to your employees can boost engagement and, as a result, productivity. It can provide a proactive de-stressor to your employees as they can use the allocated funds for whatever they want/need from a wellness perspective. Your employees using your WSA Plan their way helps break a potentially stress-fueled lifestyle that’s draining their energy, hurting their productivity, and depleting their well-being.
To improve your employees’ well-being today, HSA Group has created a guide on how to setup a WSA plan in 3 easy steps. The below process can take as few as 5-6 business days depending on timing of employee details and funding:
1. Engagement
After conducting research to determine the preferred WSA provider (such as HSA Easy Pay Ltd.) you want to partner with for your WSA Plan – the one that is best for your company and its employees – you sign on the dotted line. Then we start the onboarding process with collection of data, creation of your employee base in the system, approved buckets of wellness spend allowable, etc. Once you’ve decided on your specific WSA plan, we begin the process of creating an account for your company and your employees. When creating a WSA plan, you will be required to provide any additional information required to complete the process. Furthermore, as an employer, you must provide employee information to ensure that each employee is registered. HSA Easy Pay will then provide you with information on your customized WSA plan tailored specifically to your business based on size, budget, plan year, wellness culture and other factors.
2. Set-Up
Once you’ve decided on your specific WSA plan, we set everyone up in the system, provide you a dashboard for tracking and book an employee presentation for you. Success of any Health Spending Account (HSA) or WSA Plan for your team is dependent on clear communication of how the plan works and the overarching benefits to the employees. This starts at the onboarding process but continues the life of the plan. We assist with initial communication to your team either with helpful documentation and FAQ responses, a virtual presentation or both.
3. Execution
The final step after creating a WSA plan for your company and its employees is to implement the plan and get employees using their new wellness benefits. HSA Easy Pay facilitates a pre-paid WSA solution leveraging our payment partner Aya’s ayaHSA Prepaid Mastercard® Card. Whether a physical payment card is needing to be sent to your team or not, the benefit funds will be available almost instantly after employer funding.
Your Health and Wellness Insights
In its most basic form, a WSA plan gives employees the freedom to choose which wellness products or services they want to spend their money on. Keeping WSAs at the forefront of your employees’ minds and involving them consistently throughout the year will reaffirm to them that their health and wealth are important to you.
HSA Easy Pay’s WSA plan is a fully cloud-based plan, with claims and reimbursement handled via an app on your team’s phones. Employees can use their prepaid card or log into their personal account and submit claims online. They can also view balances and reimbursement or audit status. If you need help setting up a WSA for your valued team, contact HSA Easy Pay Ltd. and schedule a demo today.
* HSA Easy Pay Ltd.’s prepaid health and wellness solutions leverage the ayaHSA Prepaid Mastercard® Card and is issued by Peoples Trust Company under licence from Mastercard® International Incorporated. Mastercard® is a registered trademark, and the circles design is a trademark of Mastercard® International Incorporated.
