QubeFlex with myHSA
We are an Edmonton based employee benefits advisory specializing in benefit plan review and design, ASO (Admin Services Only), and HSAs (Health Spending Accounts)/WSAs (Wellness Spending Accounts), as well as a number of other employee benefit related services. We have over 70 years of combined experience which includes time on both the insurer and broker advisor sides of the industry. Our team has regional management and account executive experience from large national insurance companies, as well as decades of experience as a complete support & service employee benefits advisory. We have helped save money and improve plans for businesses from smaller than 10 employees to 1000+ employees.
Large consulting houses may have many consultants, at HFI Benefits Inc, we are a small and very experienced team which allows us to provide our clients with consulting house quality support and service at a local 'boutique cost'.
If you're looking to improve your benefit plan, and/or looking to reduce the cost of your current plan, we can help. We have helped our clients get control of the costs of their benefit plans, improve their offerings, and save significant annual dollars which can then be utilized to either improve the overall benefit plan offerings or elsewhere where needed within the business. We have a sound technically based understanding of employee benefits stemming from years of experience and we know how to ensure your plan is progressive and affordable, year over year: to give you 'the best benefit plan for the money'.
Typically there are 2 main components of a Group Benefit Plan:
1. Core Insurance – generally administered through an insurance underwriter provider; generally provides Basic Life Insurance, Accidental Death & Dismemberment, Dependent Life, Disability, and Health & Dental benefits (some companies completely replace these last 2 coverage's with QubeFlex 2.0 combined HSA/ WSA spending account credits).
2. Flex Spending Account: QubeFlex 2.0 – Our combined HSA (Health Spending Account)/WSA (Wellness Spending Account) add-on is administered through a dedicated web-based application with an easy to use Smartphone application. Your employees receive flex-credits (dollars) that they & their family (if applicable) can allocate annually toward what they specifically need and want.
Flexible Benefits – How do they work?
At each annual plan anniversary date, a fixed amount of credits (dollars), determined by the employer by class of employee i.e. can be different by single or family, Owners, Managers, tiered by years of service, etc are added to your employees' profiles on the QubeFlex 2.0/ MyHSA web application. Employees are then advised annually, via email, to login into the website to allocate their credits. Employees may allocate credits however they wish between the HSA or WSA; there are a number of plan options available under each of these 2 category options (HSA/ WSA) which are determined by the employer from the onset of the plan:
- Healthcare (HSA)
- Dental care (HSA)
- Vision Care (HSA)
- Gym Memberships (WSA)
- Exercise Equipment (WSA)
- Domestic Services (e.g. House Cleaning or Snow Removal) (WSA)
- Health Plan Premiums (HSA)
- Volunteerism Benefit (WSA)
- Educational Savings Benefit (WSA)
- Retirement Savings Benefit/ RESP's/ TFSA's (WSA)
- Childcare Benefit (WSA)
- Vacation/Flex Day Purchase Benefit (WSA)
- Staff Mortgage Benefit (HSA & WSA)
The most common Flexible Benefit Options are:
- Health Spending Account (HSA) – tax free reimbursement for medical, vision or dental expenses, etc, that are not covered by a core insured or ASO plan (if applicable). Any unused credits allocated to this benefit will typically roll-over into the next plan year (one year only).
- Wellness Spending Account (WSA) – taxable reimbursement for expenses related to fitness, alternative treatment or therapy, and much more. Additional options can be added to this benefit – Childcare expenses, Professional Development, Alternate Transportation (bus passes), etc. Any unused credits allocated to this benefit may carry forward if the employer wishes this setup however generally this component of the plan is set-up whereby these particular credits are forfeited at the end of each plan year.
- RRSP Contribution – employees have the opportunity to make additional contributions to an RRSP plan; either their own personal RRSP with an outside financial institution or a group employer sponsored RRSP. All Employer contributions are taxable to the employee.
Other points to note:
- Employee claims for the Health Spending Account and the Comprehensive Wellness account are paid directly into the employee’s bank account through EFT. Claims are paid every Tuesday and Thursday, with approved claims paid within 24 – 48 hours (work days).
- It's a pay as you go set-up whereby the employer only pays for an employee based claim (plus claims processing/ admin fee) as they are submitted. Unlike traditional insurer based spending accounts which require both an upfront float deposit plus regular additional deposits.
- Once claims are paid, the corresponding amount, plus the administration fee (including GST) will be withdrawn from the employer’s bank account with an email notice sent the day prior to the claim being processed. Claims reports, allocations and a Bank Reconciliation report are readily available on the Plan Administrators login to the website.
- The RRSP, RESP & TFSA benefit claims for an employee's individual are also verified and processed the same way.
- Employees will have a login to update their records. Employees have access to a personalized Flex Account on a dedicated website, where they can submit claims, track their claims history, submit inquiries or use the Chat function. The login ID will be the email address provided by the employer.
- A smartphone app (Android & iOS) is available for employees to view their information, allocate their credits at the start of their plan year and submit claims.
- Once the allocations are set for the current year, they cannot be changed until the next anniversary date unless a significant life changing event takes place i.e. marriage, divorce, a death, etc.
- If an employee does not allocate their credits within the required time limit (15 days), credits will automatically default to a specific previously chosen (by the employer) option – usually the HSA.
- If an employee leaves or is terminated from employment, all remaining unused credits will forfeit unless otherwise instructed by the employer.
- Employees have 90 days at the end of each plan year to submit any outstanding claims from the previous year. (15 days for Wellness). After 90 days, only current year credits are payable.
Credits can be based on a years of service class structure or any other type of a defined class structure i.e. Owners, Senior management, Managers/ Supervisors all other employees, etc.
Credits for new employees are generally pro-rated within the first year of employment.
Claims processing/ administration fees are as a % per claim, set based on group size, to a maximum of $250 per individual claim.
|Initial Setup Fee*||% Per Claim Fee**|
|Under 20 lives||$295||14%|
|20 to 39 lives||$295||13%|
|40 to 74 lives||$395||12%|
|75 to 99 lives||$495||11%|
|100 to 149 lives||$595||10%|
|150 to 199 lives||$695||10%|
|200+ lives||subject to quote||subject to quote|
*waived if HFI Benefits Inc. is the advisory assigned to the core insured or ASO plan.
**subject to a maximum claims administration charge of $250 per claim.
*New QubeFlex 2.0 plans are subject to the set-up fee.
But this set-up fee is waived if HFI Benefits Inc. holds the Agent of Record status on the company's insured or ASO based employee benefit plan.
"We believe a well-designed core health and dental plan, along with QubeFlex 2.0 with myHSA,
provides the employer with a more predictable, year-to-year, benefit plan costs.
Ask us how we can help you effectively manage your costs while still providing comprehensive coverage and flexibility for your employees."
Frequently Asked Questions
How Do I Decide Who Gets What Amount of Credits?
Credits can be based on years of service or can be structured by any other specific employee class, e.g. Single/ Family, Owners, Exec.'s, Sr Management, all employees, etc. Credits are normally pro-rated in the first year of employment.
How do the administration fees work?
Administration fees are a % of claim on an as submitted basis, initially set based on group size, to a maximum of $250 per individual claim in order to cap the cost of processing large claims.
What's the best way to incorporate QubeFlex 2.0 into my benefit plan?
We believe a well-designed core Health and Dental plan, along with the add-on QubeFlex 2.0 flexible spending account, provides the employer with a more predictable, year to year, benefit plan related budget. Ask us how we can help you manage your benefit plan costs while still providing comprehensive coverage and flexibility for your employees.
Submit QubeFlex 2.0 Claims With the myHSA Mobile App