Parents in the workplace have all heard the cliché about the difficulty of raising children: It gets easier. But that hope doesn’t solve parents’ current time and financing problems.
From services like childcare, day camps, and tutoring, there are many costs a parent must endure and may not have the time or money for it all. A Wellness Spending Account (WSA) allows parents to decide which services they will use for their family. Along with the family uses, a WSA provides access to plenty of other wellness services we will explore in this blog.
The Importance of Childcare Benefits
According to a 2022 parent report by KinderCare, 81% of workplace parents said, “A company’s childcare benefits are important to the job consideration process.” The study also showed that 65% said, “There is a disconnect between employers and childcare support.”
Some of the biggest positives that come out of employee child support are:
- They feel more productive at work.
- They feel that the company is supportive of them and their work-life balance.
- They are less likely to leave their job to pursue other opportunities.
- They are more likely to return to work after the birth of their child.
How WSAs Support Parents in the Workplace
A WSA gives benefit dollars (taxable) for non-medical wellness expenses. WSAs offer flexibility as employees can use them for many different services.
Parents can use the following Personal/Family Interest Services with their Spending Accounts:
- Day camps and programs
- Caregiver support programs
- Guide dogs
- Supportive aids
- Long-term care facilities
- Travel expenses (if requiring family care)
Other main categories that WSAs can be used for include:
- Professional/personal development
- Fitness, Nutrition
- Personal/Family Interest
- Mental Health
- Alternative & Complementary Therapies
- Assistive Devices/Supplies & Equipment
- Financial Contributions to support family security.
You can find the complete list of CRA-approved WSA expenses here.
It’s essential for parents in the workplace to have benefits for various services that work best for their personal situation and goals. Every family’s dynamic and lifestyle is unique, so why shouldn’t their wellness plan be the same?
Health Benefits That Parents Can Actually Use
Moving toward a benefits program with greater flexibility will enable working parents to get the most out of company support. What works for one working parent might not work for another. For example, daycare might not be necessary for employees that work from home. Employees can then use the money they may have contributed to daycare and use it elsewhere like day camps.
Most workers are burnt out. Working parents are burnt to a crisp. And while many companies have good intentions when it comes to supporting worker well-being, few make this a priority. An extensive list of complicated benefits can confuse employees and cause them to not take full advantage of them. But with a WSA, employees are much more likely to use all their available funding on a smaller number of services they will use. As a bonus, the money carries over into the next year if the funds aren’t used at once.
Parents in the workplace having one less thing to worry about makes a world of difference. As a result, a more productive and loyal employee will appear. And for the employees that do not have kids, a WSA still supplies whatever services work best for them.
HSA Easy Pay’s prepaid Mastercard makes paying all eligible expenses easy and prevents employees from having to pay anything out of pocket. HSA Group’s solutions can aid your business with employee engagement as part of your total compensation package.
We believe healthcare is stressful enough. Paying for it shouldn’t be. Contact us today if you’re curious about how to use a WSA for your flexible wellness and health plan.