How much does the Wellness Spending Account cost?
$99/year and 8% administration fee on claims
A Wellness Spending Account is a special account for employees to claim wellness related activities. The benefit is taxable to the employee and a tax deduction for the employer.
The WSA is complementary to an HSA and helps to provide a comprehensive approach to employee well being. The WSA offers products and services that give employees a proactive approach to their health and well being.
|Health Spending Account|
|Cost effective and flexible plan that provides reimbursement on a wide range of medical and dental expenses|
|Non taxable benefit|
|Medical, Osteopathy, Dental, Naturopathy, Vision, Occupational Therapy, Massage Therapy, Physiotherapy, Podiatry, Orthodontics, Chiropractic,Psychology, Acupuncture, Psychiatry …and more|
|Wellness Spending Account|
|Cost effective and flexible plan that provides reimbursement for health & wellness products and services|
|Gym membership, Art Therapy, Athletic Attire, Nutrition, Yoga, Life coach, Pilates, Professional Development, Personal Training, Personal Development, Meditation, Specialized food, Ski passes …and more|
Emotional and mental health, prevention of illness, physical fitness, social well being and financial well being are key areas for consideration when it comes to employee well being. These wellness related activities are often not eligible with an HSA or insurance plan.
“86% of plan members agree that a workplace environment that encourages health and wellness is an important factor when deciding on a job offer or remaining at an organization”. Sanofi Canada Healthcare Survey 2020
Select how much to offer each employee classification. For example, executives receive $2,000 and full-time employee receive $500.
Choose from 5 eligible categories: nutrition, professional / personal development, personal / family interest, fitness, and mental health
Claims are paid from the HSA employer funding account. Employer only pays for what is claimed.
Employee pays health expense.
Employee submits claim online.
Olympia debits employer funding account.
Olympia reimburses employee directly.