Add more flexibility to your plan with a Personal Spending Account


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Are you looking for a way to add flexibility to your benefits plan without significantly changing your plan design or costs? If so, we would like to introduce you to our Personal Spending Account (or PSA) product. It will allow you to provide additional support to your plan members, as well as flexibility and choice so they can proactively manage their health and personal well-being.

You design your PSA

To align your PSA with your goals and objectives, you select the expenses you want to cover. We have created a checklist to make it easy for you. Some examples of eligible items are:

  • Fitness-related services, such as fitness club memberships
  • Fitness equipment, like treadmills, exercise bikes
  • Health-related services, from weight management, nutrition and quitting smoking programs to maternity services
  • Education and personal development, including tuition fees for university, college or continuing education courses and professional membership fees
  • Insurance premiums for Critical Illness, Life and Long Term Care insurance
  • Child care and elder care services
  • Professional services, such as fees for estate planning and financial counseling

You decide the amount and how often you’ll allocate credits to your members’ accounts — either monthly or annually. If you currently offer a flexible benefits plan, you can add a PSA as an option for flex credits. By defining the funding level, you control the cost of the program.
In terms of billing, it’s a “pay-as-you-go” approach. Once you provide your members’ eligibility and credit allocation information, we administer the account for you and bill you monthly in arrears for claims paid in the previous month.

Claims and plan member support

The PSA claim process is designed to be easy for you and your plan members. A claim form that includes a complete checklist of your PSA’s eligible items makes filing a claim quick and convenient. Members can easily access their PSA claims history and account balance online through the Plan Member Services website or through our Customer Care Centre.

To help your plan members understand their PSA, we offer standard member educational materials including an introductory slide presentation as well as articles on submitting claims under a PSA.

Why a PSA?

With a PSA you can:

  • Promote wellness through financial encouragement
  • Promote a more holistic view of health
  • Introduce more options under your flexible benefits program

Because of the types of items covered, the Personal Spending Account will generally be a taxable benefit to members. You will be responsible for all PSA payroll-related functions and tax reporting for your members. We will provide reports to assist you.


If you would like to learn more about a PSA, please contact your Sun Life Financial account executive or service representative.