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85% of plan members would like more coverage, based on their personal needs.1 Spending accounts can play a key role in employee retention, satisfaction, and loyalty.
All you need to do is define the funding level rather than the specific products or services you’re covering. By allowing your employees to make their own health-care and wellness buying decisions, you put them in the driver’s seat.
Here are two easy ways to meet the unique needs of plan members
For more information on spending accounts, please read our HSA PSA comparison brochure.
- Health Spending Account (HSA)
- Personal Spending Account (PSA)
The HSA gives employees an amount to spend for health-related expenses like medical, hospital or dental costs not covered by provincial health plans or by their regular benefits plan. It's a non-taxable benefit, excluding Quebec.
The PSA is used for wellness costs like fitness, health products and services but also financial related products. It's a taxable benefit.
Employee spending accounts present a lot of advantages for you as well as for your employees. Your employees can choose to spend their allocated amount the way they want to:
make positive
lifestyle changes
take care of their physical and
mental well-being
Plan members with HSAs are more likely to be very positive about their health benefit plan2.
Employers can positively influence employee perceptions when providing their employees with advantageous additional health benefits. They help attract and retain top talent, keeps them feeling supported, and provides them with a sense of security and well-being.
