Typically there are 2 main components to a Group Benefits 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
- Exercise Equipment
- 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).
- Comprehensive Wellness – 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 employee’s to view their information 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 i.e. Senior Management/ All Other employees etc. Credits would be 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.
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.
Download The MyHSA Smartphone app from either the Apple App Store or Google Play to Submit QubeFlex 2.0 Claims with Your Mobile Device