QubeFlex with myHSA
We are an Edmonton based employee benefits advisory specializing in benefit plan review and design, ASO (Admin Services Only), and HCSAs (Health Care 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 on both the insurer and broker sides of the industry. Our team has regional management and account executive experience for large national insurance companies, as well as decades of experience as employee benefit advisors. We have helped save money and improve plans for businesses with 10 employees to businesses with 1000+ employees.
Large consulting houses may have many consultants. At HFI Benefits Inc, we are a small and very experienced team. This allows us to provide our clients with consulting house quality and service at a local boutique cost.
If you're looking to improve your benefit plan, and looking to reduce the cost of your current plan, we can help you. We have helped our clients get control of the costs of their benefit plans, improve their offerings, and save millions of dollars. We have a sound understanding of employee benefits stemming from years of experience and we know how to ensure your plan is robust and affordable, year over year: to give you 'the best benefit plan for the money'.
Typically there are 2 main components to a Group Benefit Plan:
1. Core Insurance – generally administered through an insurance provider; covers Basic Life, A. D. & D. Dependent Life, Disability, Health and Dental benefits (some companies completely replace these last 2 coverages with QubeFlex 2.0 credits).
2. Spending Account/QubeFlex 2.0 – Our Flexible WSA (Wellness Spending Account)/HSA (Health Spending Account) flexible benefit add-on is administered through a dedicated web application and Smartphone application. Your employees receive flex-credits (dollars) that they are able to allocate and use according to what they need and want.
Flexible Benefits – How do they work?
At each plan anniversary date, a fixed amount credits, determined by employee class (such as single or family) are added to your employees' profiles on the QubeFlex 2.0 web application. Employees are then advised, via email, to login into to the website to allocate their credits. Employees may allocate credits however they wish; there are a number of plan options:
- Healthcare (HSA)
- Dental care (HSA)
- Vision Care (HSA)
- Gym Memberships (WSA)
- Exercise Equipment (WSA)
- Health Plan Premiums
- Volunteerism Benefits
- Educational Savings Plans
- Retirement Savings Plans
- Childcare Benefits
- Vacation/Flex Day Purchase
- Staff Mortgage Plan
The most common Flexible Benefit Options are:
- Health Spending Account (HSA) – tax free reimbursement for medical, vision or dental expenses. 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 or forfeit 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 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).
- 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 per claims processed. Claims reports, allocations and a Bank Reconciliation report are readily available on the Plan Administrators login to the website.
- The RRSP, RESP benefits are paid through Payroll.
- 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 our 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.
- If an employee does not allocate their credits within the required time limit (30 days), credits will automatically default to a specific options – usually the HSA.
- If an employee terminates, all remaining unused/unpaid credits will forfeit.
- 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 years of service or can be structured by specific classes, e.g. senior management/all other employees. Credits are generally pro-rated within the first year of employment.
Administration fees are a % per claim, set based on group size, to a maximum of $250 per 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 insured plan is with HFI Benefits Inc.
*New QubeFlex 2.0 plans are subject to the set-up fee.
The set-up fee is waived where HFI Benefits Inc. holds the Agent of Record for the insured 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, total compensation budget.
Ask us how we can help you manage your costs in 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 specific employee classes, e.g. employees with more than 5 years/ employees with fewer than 5 years. Credits are usually pro-rated depending on when an employee starts.
How do the administration fees work?
Administration fees are a % per claim, set based on group size, to a maximum of $250 per 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 QubeFlex 2.0 flexible benefit add-on, provides the employer with a more predictable, year to year, total compensation budget. Ask us how we can help you manage your costs while providing comprehensive coverage and flexibility for your employees.