What is an employee wellness program?
In general, any company benefit with a focus on employee wellness could be considered an employee wellness program.
What can an employee wellness program do for your business?
Many potential hires view employee benefits as a norm in today's business world. With this societal change, wellness programs can help separate your business from competitors when it comes to hiring. Fret not, a wellness program does not need to be expensive. It can be a low cost plan like a Wellness Spending Account. At the end of the day, it brings enormous value to employee engagement and satisfaction... check out the stats:
- Researchers found that all employees who participated in a wellness program improved productivity on average of one full workday per month!
Reduce absenteeism and health care costs
- Each dollar spent on wellness programs saves $3.27 in health care costs and $2.73 in absenteeism costs.
Empower employees to shape healthy and happy lifestyles
- 61% of employees agree that they’ve made healthier lifestyle choices because of their company’s wellness program
With that being said, a wellness program is only beneficial if the employees actually engage with it. That's where a Wellness Spending Account comes in. This is a flexible spending account which reimburses employees for their wellness related purchases and endeavors. The plan is designed by the employer, but the employees get to choose what, when, and how to spend their allowance.
The employer can choose which wellness expenses are eligible inside the plan. This includes a variety of products and services such as gym memberships, classes, relationship counselling, or that new pair of running shoes.
Without a doubt, the easiest but also the most effective way to implement an employee wellness plan is to offer flexible options through a Wellness Spending Account.
The Benefits of a Wellness Spending Account
There are many wellness-related benefits available in the market. The problem for an employer is uncertainty to what your employees want. Furthermore, implementing several different wellness programs is a hassle and a mess.
With that in mind, a platform that lets employees choose their wellness spending and eliminates administrative work for the employer is ideal. Fortunately, a Wellness Spending Account is an all in one platform which allows the employer to bundle these benefits into one plan for smooth implementation and ease of access.
Employees will be able to get reimbursed for a wide range of wellness items, such as gym memberships, professional development courses, and more. Claims are straightforward, and reimbursements are considered a taxable income (T4).
How does a Wellness Spending Account work?
- Employers set employee allowances based on classifications (ex. Owner, Manager, FT Employee)
- Choose from a wide range of eligible wellness expenses
- Employers set an automatic funding amount at the start of each month
- Employees cannot spend more than their classification limits
- Simple, fast, and secure online claims through our mobile app
- Easy implementation and fast reimbursements
What can you claim with a Wellness Spending Account (WSA)?
Each business can decide which categories they want to allow their employees to claim. Here are some common eligible wellness expenses:
- Over-the-counter supplements
- Golf clubs
- Trail running shoes
- Bicycle helmet
- Personal Development
- Courses and textbooks
- Mental Health
- Hiking retreat
- Art therapy
To see a full list, visit our article on eligible expenses for a Wellness Spending Account.
The Olympia Wellness Spending Account
The Olympia WSA is a fully digital plan from sign up to claim.
At this time, our plan is only available to existing HSA Group customers. They can sign up through My Olympia platform.
Claims are made exclusively through the Olympia Benefits claim app, which is available across all mobile devices.
How does a claim work?
Employees pay for their wellness related expenses personally and then make a claim on our app. Save the receipt in case of an audit. Once the claim is approved, employees will be reimbursed in their personal bank account within 2-3 business days. The reimbursement is taken from the employer WSA funding account.
To learn more about the Olympia WSA:
More about Employee Wellness Programs: