Here's Why Employers Should Use a 100% Digital Health Spending Account

When investigating a Health Spending Account (HSA), it's important for business owners to consider a 100% digital solution.

There are numerous providers of HSAs in Canada, yet the quality and efficiency of user experience can vary greatly from one application to another. In particular, relatively few Canadian HSA providers currently offer a 100% digital platform for all types of businesses.

An HSA online provides business owners and their employees with significant advantages.

1. Quicker Transactions

With a 100% digital Health Spending Account, gone are the days of filling out paperwork by hand and mailing applications and claims. Since all claims are submitted online, they are processed much more quickly, which means that you and/or your employees receive claim funds faster.

Olympia Benefits provides HSAs that are 100% digital, which permits clients and their employees to receive funds within two business days of submitting claims. Submitting a claim is quick and easy. Users only need enter the date of their claim, the amount, the provider and the nature of service.

2. Faster Sign Up

Most HSAs require customers to print out and complete a long application by hand, which may include writing out enrollments for each employee. Once complete, the Benefit Coordinator or Business Owner will mail the forms to the HSA provider, which takes days to receive and process. If a mistake is made, the business will need to print, fill out and submit, lengthening the process even more.

Conversely, with a 100% digital HSA, applications are easily made online and submitted with the touch of a button. Any errors are instantly identified and corrections  made simply by modifying the application online. By having a digital application process, weeks are saved (and headaches avoided) in getting the customer up and running.

3. Improved Customer Service

By submitting an HSA registration and completing claims online, HSA providers can identify errors and notify customers quickly, resulting in optimal customer service. With with paperwork, there is a possibility that records can be misfiled and lost or at least processed more slowly, creating a frustrating experience for clients.

4. Information Available At Your Fingertips

A completely online HSA permits business owners and their employees to access their records from anywhere at any time. For example, an employee may want to check their remaining balance for the year. They can can easily do so by logging into their personal HSA account on their phone and accessing their information. By using a digital HSA, an individual can submit their claim moments after paying for their service, thereby minimizing the time required to have their claim processed and receive their funds.

As identifed above, Olympia Benefits provides HSAs that are user-friendly and 100% digital. Learn more about our products by clicking on the banner below.

Related Reading: This Health & Dental Plan Gives Canadian Businesses a Competitive Edge

Are you an incorporated business owner with arm's-length employees? Learn how the Olympia Health Spending Account can provide cost-certainty and significant value for your employee benefit program by downloading our free guide: The Beginner's Guide to Health Spending Accounts.