Health spending accounts (HSAs) contain many more eligible expense items than traditional benefit plans. HSAs are a 100% tax-free benefit for both corporations and employees, it is like having a bank that employees can use for all of their medical, dental, vision and so much more. The Canada Revenue Agency lists all the different types of services and products that can be expensed as part of an HSA. If you have a health spending account it is always good to check the Canada Revenue Agency website to determine if your expense is eligible.  All of the typical products and services covered under traditional group benefit plans are also covered with a health spending account. HSAs can also be used to cover expenses when you have maxed out traditional benefit plan expenses. For example if your plan covers $500 in chiropractic services, and additional expenses over and above the $500 can be covered by your HSA. Some of these common items include Dentist Optometrist Chiropractor Massage therapist Naturopath Prescriptions There are many other less common items and services that are eligible expenses for health spending accounts. Below are some of the more obscure items that can be expensed. Private Health Insurance Premiums Premiums paid to a non-government medical or hospital care plan can be expensed. Examples would include Blue Cross, Manulife Flexcare and Sun Life Affinity. Air Conditioner You can expense $1,000 or 50% of the amount paid for an air conditioner, whichever is less. In order for the expense to be eligible the person must have a severe chronic ailment, disease, or disorder and a prescription is required for it to be considered eligible. Wigs A prescription is required and the amount paid for the wig can be expensed as long as the person has suffered abnormal hair loss because of a disease, accident or medical treatment. Health spending accounts are a more robust and flexible option for all of your healthcare related expenses.  

Bridging the gap between plan sponsors and plan members Wellness Spending Accounts (WSA) are the ideal solution to bridge the gap between what plan sponsors are interested in covering and what plan would use if they were added to their group health benefits plan.  2021 Benefits Canada Healthcare Survey According to the 2021 Benefits Canada Healthcare Survey plan sponsors and plan members differ significantly on what they would like to cover compared to what members would use if provided. For plan sponsors they would like to cover 24-hour virtual care, followed by immunizations for infectious diseases and health risk screenings. Plan members would choose fitness classes, personal trainers and 24-hour virtual care as their top three choices of products and services they would like covered by their group benefits plan.   Health or fitness products? Plan sponsors appear to be more interested in covering health-related expenses while plan members would use products more focused on physical fitness. Many of the products and services listed in the survey are not covered under any traditional group benefits plan and others would not even be covered under a non-taxable health spending account (HSA). An HSA covers substantially more healthcare related expenses than traditional group benefits plans, however even they have limitations and that is where the wellness spending account can fill the gap. Wellness spending accounts – taxable benefit is worth it Even though wellness spending accounts are taxable and will appear on their T4 or T4A there is still tremendous benefit to them. Clearly from the survey plan members would use wellness products if they were provided by their plan sponsors. The additional benefit to wellness spending accounts is that the plan sponsor can determine what they are willing and not willing to cover as an eligible expense. Thus, they can cover the health-related expenses that they want to provide as well as the fitness related benefits that plan members are looking for.   Wellness spending accounts can be the ideal solution for both plan sponsors and plan members when covering certain benefit expenses.

It is a new year but for everyone in Canada and around the world a lot of the same concerns and stresses remain with Covid and the Omicron variant spreading rapidly.  Everywhere you look the talk is about booster vaccination shots or knowing someone who has gotten Covid and is missing work or school classes being online and if they should be or not. If one person in a family gets Covid then before you know it the entire family has it as well; and be symptomatic or asymptomatic, they must isolate and hope that they don’t get very sick and require hospitalization. January is typically a time for New Year’s resolutions, to lose weight, or to join a gym or yoga class, maybe it is to read more books or connect with old friends more often.  People enjoy setting goals for themselves to start off the year, a new year, and a new outlook, striving to be better then the year before. When it comes to setting resolutions and goals; everyone is different, there is no one size fits all approach to setting goals for yourself. It should be that way, nobody knows you better than you know yourself and therefore nobody is in a better position to determine what will make you happier, or healthier or provide you a more positive outlook than you. Having health and wellness spending accounts is the ideal solution for dealing with New Year’s resolutions; it is the ideal benefit solution for offering employees the flexibility and freedom they desire to do as they choose for themselves and their wellbeing.  With health and wellness spending accounts the choice is up to the individual on how and what they spend their health expenses dollars on. Like New Year’s resolutions, health and wellness spending account expenses everyone is different; nobody is locked into specific expenses or sets of expenses.  Having a health spending account allows the individual to know themselves better once again than anyone else and choose health choices that make them feel as good as they can.

Health Spending Accounts continued to grow in 2021 as more and more companies added them to their current group health benefits or added them as a stand-alone option for their employees group health benefits.  As we close out the year, we expect that health spending accounts will continue to become more and more prevalent in 2022.  Let’s look at top ten reasons to choose Aya for your health spending account provider. Top ten reasons to choose Aya as your health spending account provider Now we will dig into each reason and explain the benefits of each. Using the Aya Mastercard® means you do not have to pay out-of-pocket for any of your health expenses, simply use the card, take an image of the receipt, upload to the Aya app and you are finished. Health spending accounts are tax free to employees and tax deductible for employers; the best of both worlds while paying for your healthcare. Unlike traditional group health benefit plans that typically have an increase in rates every year, health spending accounts only increase if the employer chooses to add more money to employee’s accounts.  Providing cost-certainty is a benefit to any employer looking to control costs and budgets. In traditional group benefit plans if you do not use any allotted funds for a given category then you forfeit them at the end of your plan year.  With health spending accounts any unused funds can be carried over for an additional 12 months and if still unused those funds are returned to the employer. Dependents are covered under health spending accounts and in addition to that, who can be considered a dependent under health spending accounts is much wider then with traditional group benefit plans.  As long as the individual resides with you and is financially dependent on you, they can be considered a dependent. You can use health spending accounts to pay for any pre-existing condition you had before you obtained the health spending account. You choose what health expenses to pay for, you are not bound to any category limits. Also, the list of expenses that can be covered is much greater than traditional plans. Aya is a completely digital experience, from onboarding to submitting claims there is no paperwork, everything can be done within the Aya app or on the Aya website. The Aya Mastercard® can be used at any health merchant anywhere in the world.  If you are travelling for business or pleasure and need to pay for a healthcare expense, you are covered. Yes number 1 and 10 are the same reason but for good reason, not having to pay -out-of-pocket for your healthcare might be the difference between getting those new pair of glasses or making that trip to the dentist.  Not all employees have the disposable income to pay for their expenses and wait to get reimbursed. As health spending accounts continue to grow, consider choosing Aya as your provider and give your employees the Aya Mastercard® to pay for the health related expenses.

Chanddeep Madaan, CEO, is excited to announce Barry Stamos as a founding advisor focused on strategic marketing to Aya Payments.   “Barry is an exited founder (unicorn) who is an expert in growth marketing and scaling speed-to-value. He is exactly the type of advisor that Aya was looking for..”, said Chanddeep Madaan. Barry is an exited Silicon Valley tech entrepreneur and marketing expert.  He is the Entrepreneur-in-Residence at 500 Global, the most active Venture Capital firm in the world (#1 VC globally in exits).  Barry built a $300M+ professional services practice from scratch, as the Global Practice Leader of Strategy & Innovation at Acxiom (served most Fortune 100 brands). Barry’s rare combination of creative, strategic, and analytical skills will provide Aya with the marketing advice that will drive growth and demand generation. “Having someone with Barry’s experience and skill set on our advisory board is a tremendous asset to Aya and we are very excited to have him as an advisor.”, added Madaan. “I believe in Aya’s leadership team and purpose in empowering people financially for health and wellness spending,” said Barry. “I see the mega trends of democratization, and thanks to Aya employees will now have the ability to choose from a wider range of treatments across practitioners, physicians and medical care providers and products without worrying about reimbursements.”

Discover the substantial cost savings offered by health spending accounts (HSA) compared to personally paying for medical expenses as a single-person corporation. This informative post showcases the potential savings and highlights why obtaining a health spending account is a worthwhile investment for covering your healthcare expenses, as opposed to relying solely on personal income. Health spending accounts are 100% tax-deductible for your business and can be utilized for all healthcare expenses, including those of your dependents. If you choose to pay for healthcare expenses with personal income, you’ll be using your net income after tax deductions. However, by opting for a health spending account, you can pay for the same expenses using your business income, with the amount paid becoming a tax deduction for your business and tax-free for you as an individual. Let’s explore different scenarios to illustrate the cost savings potential of a Health Spending Account (HSA) based on various income levels. For the purpose of this example, we will assume a business in Ontario, utilizing Ontario tax rates for calculations. Additionally, we will consider a $10,000 health spending account and assume a 10% administration fee. Please note that these figures are based on 2021 tax rates. Income HSA Admin Fee +Taxes Average Tax Rate Savings $50,000 21.50% 15.31% -6.19% $100,000 21.50% 23.45% 1.95% $150,000 21.50% 30.11% 8.61% Savings of having a health spending account versus paying for expenses with net income If your business generates minimal revenue, there may not be a significant tax advantage to having a health spending account. However, once your business exceeds $86,375 in revenue, based on the aforementioned figures, having a health spending account becomes a beneficial choice. In other provinces, the revenue threshold for advantageous HSAs may be lower, as Ontario imposes higher taxes on health spending accounts compared to other provinces. Health spending accounts do have taxes applied based on the claim amount, your province of residence, and the administration fee charged. However, as demonstrated in the table above, if your business generates revenue exceeding $100,000, a health spending account emerges as the ideal choice.

Aya is pleased to announce that Ala Lada has joined the leadership team as the Director of Sales, reporting into Chanddeep Madaan, CEO.  Ala brings years of experience in the industry as well as a vast network of senior level connections and will play a strong role in building and growing the team as well as revenue, said Chanddeep Madaan. Ala is a results-driven leader who was most recently with Alberta Blue Cross as the Manager of Group Sales & Business Development for southern Alberta.  While at Alberta Blue Cross, he managed a team of 20 sales and service representatives who were responsible for revenue growth and customer retention.  Prior to Alberta Blue Cross, he was Director, Strategic Partnerships at Nuera Insurance Inc, an InsureTech brokerage and before that he was a regional manager with Echelon Insurance. We are thrilled to have Ala join our team here at Aya and are very much looking forward to his leadership and contributions towards our rapidly growing business, added Madaan.  

Aya was recently named one of ten 2021 5-Star insurance technology providers award winners by Insurance Business Magazine Canada.  A leading provider of health and wellness spending accounts, Aya is very much a technology company first built on a fully customizable platform and one an one-of-a-kind financial infrastructure. Providing health and wellness to everyone is at the core of everything Aya does; using technology is how we achieve it.  Digital onboarding to never having to pay out-of-pocket for any health or wellness claim, to no paperwork to submit is the Aya experience.  Using our beautifully designed and user friendly app a user can simply pay for their expense using our prepaid Mastercard®, take a photo of the receipt and hit submit.  The entire process can be completed before ever leaving the health or wellness provider.  The goal is to make paying for health care as easy as possible, removing all of the stress during a time when the user is not always feeling their best and building the platform that will allow users to achieve that satisfaction from using an award-winning technology. Knowing that insurance brokers were the group that voted on and selected the winners makes winning the award that much better.  Brokers are our partners, out in the market selling Aya to their clients; having them select Aya as 5-Star insurance technology provider award winner shows that Aya is a leader when it comes to health and wellness spending accounts and that brokers are looking to provide a great solution to their clients.

Chanddeep Madaan, CEO, is excited to announce Jon Mackey has joined Aya Payments as a strategic advisor as well as an investor. Aya was looking for an advisor who had a wealth of experience and senior level connections within Canada’s largest companies; Jon fits that description perfectly. Jon was initially brought on in an advisory role, however within a week of working with Aya he chose to also become an investor. Jon is the Managing Director of Canada for True Search, a global executive recruitment agency who focuses on investment firms, their portfolio companies, and public companies seeking transformative growth. He will lead True Search’s expansion in the Canadian market. Prior to True Search he spent five years as Managing Partner at Heidrick & Struggles, and previously held senior HR positions at the Royal Bank of Canada. Finding strategic advisors that can work with Aya’s senior leadership team, drawing on their industry experience and knowledge will help strengthen Aya. Jon will provide extensive experience in human resources as well as his large number of close connections that will strengthen Aya’s ability to drive revenue and customer engagement and form new partnerships. Jon has been an incredible benefit to both Aya and myself, states Madaan, the guidance and advice he provides me as a CEO separates him from any other advisor. Aya is very happy to have Jon onboard and we look forward to working with him as we continue to provide health and wellness to everyone.

Top tips for insurance brokers, advisors and employers: Part 3 We continue our series on navigating health spending accounts; top tips for insurance brokers, advisors and employers. In part 1 we discussed the two HSA products available; the prepaid Mastercard® option versus the traditional pay-as-you-go model and in part 2 we compared a traditional group benefit plan with a health spending account added on versus a stand alone health spending account. This week we will explore the benefits that come with using a completely digital health spending account experience. A recent Gallagher survey, 2021 Benefits Strategy & Benchmarking Survey, revealed that attracting and retaining a competitive workforce (56%) and controlling the cost of employee benefits (52%) were the main benefit concerns. In addition, the Sanofi Canada Healthcare Survey January 2020 showed that 93% of employees like having an HSA, while 82% who do not have one would like one. Providing employees with the option to spend their benefits on what they choose and doing so in a cost effective manner is a win-win situation for employers and employees. Let’s continue exploring health spending account choices by looking at how providing a complete digital experience can lead to a great user experience. Tip 3: Choose a health spending account partner who offers a complete digital experience. All aspects of your health spending account experience should be digital; filling out paperwork is no longer required. Aya provides a complete digital experience for all aspects of its health spending account.  From onboarding your company to all of your employees it can be done online.  Not only can it be done online, but the entire process can be done in a matter of hours, meaning from the time you decide you want to purchase a health spending account until the time your employees can start using it can be just a few hours. Furthermore, the digital experience should not end at onboarding, submitting claims, understanding your account balance, and looking at old claims all can be accessed within the Aya app or within the Aya website.  Submitting a claim is as easy as uploading a photo of the receipt, filling out a simple form and can be done within the app or on the website. Providing employees is a great way to increase employee retention and satisfaction, furthermore providing employees with an intuitive, easy to use digital app and website enhances that experience further.  Your employees are one of, if not your greatest asset, make sure you are doing everything you can to attract and retain top talent. If you would like to learn more about health spending accounts and how they can fit into your employee group benefits, don’t hesitate to reach out to sales@ayacare.com. Our team can answer all your questions and provide you with insights on how health spending accounts can benefit you and your organization and attract the new hires you are looking for.  Watch this space for more tips on navigating HSAs for your clients or your business. 

Aya’s mission of healthcare for all – donating oxygen and ventilators to India.  Aya is rooted in a core belief that every life is as valuable as another, no matter where you live. Aya is more than just a provider of health spending accounts and wellness spending accounts, they are a company that cares about all humans. Covid-19 has affected every country in the world, currently none are being harder hit than India. The number of positive cases and deaths continue to rise as the need for oxygen and ventilators far outweighs the current availability.   Aya has colleagues, friends and relatives who have personally been affected by Covid-19 and know firsthand the importance of adequate healthcare and supplies in a time like this. Aya’s is committing one month of revenue to purchase oxygen and ventilators to help India with the increased demand for these lifesaving supplies. In addition to revenue’s the co-founder’s are giving their May salary and additional Aya employees are also donating portions of their May salary to support the cause.  Finally Aya is accepting donations that will be combined with the other money raised to purchase oxygen and ventilators. Aya is purchasing oxygen concentrators and ventilators; it is important to understand what these devices do and how they will help the people of India who are having trouble breathing. Oxygen concentrators do basically as the name suggests; they concentrate the amount of oxygen in the air to provide the person that is having trouble breathing a much purer form of oxygen than the air provides.  Earth’s air is composed of approximately 78 percent nitrogen and only 21 percent oxygen.  A person with no underlying conditions or respiratory ailments can absorb the oxygen from the air into their bloodstream.   People who are having breathing difficulties need purer oxygen to breathe in and this is where the oxygen concentrators come in; they work in the following way as described here. It works by: Compressing air as the cooling mechanism keeps the concentrator from becoming overheated Taking air in from its surroundings Using an electronic interface to adjust delivery settings Removing nitrogen from the air through sieve beds and a filter Delivering purified oxygen through a mask or nasal cannula Aya is also purchasing ventilators, another supply that is in high demand in India.  Ventilators are machines that help people breathe by supplying them with air/oxygen mixtures while also allowing gas to escape.   One oxygen concentrator costs approximately $950 Canadian dollars, while one ventilator costs approximately $13,000 Canadian dollars.  The more funds Aya can generate the more of these supplies they can purchase and the more people they can help. Once Aya purchases the supplies they will be donating them to the Naunidh Foundation who will make sure that they are used in the best way possible.  To provide those most in need with oxygen and help them breathe. The Naunidh Foundation is committed to improving the general state of affairs for those who need it most. They do this in the following ways: Creating better medical services Ensuring education for all Providing financial aid to those who need it Fostering a better environment for art and culture Please consider helping in any way you can so that Aya can help as many people in India as possible. If you would like to make a donation. please click on Aya’s Go Fund Me page below.

Aya’s prepaid Mastercard® health spending account for large companies is the perfect addition to your traditional group benefits. It is also a great alternative to your traditional group benefits, in fact 88% of employers at 1000 plus employee companies would welcome the move to defined spending accounts.  Offering an employee a health spending account (HSA) and/or a wellness spending account (WSA) is valuable to an employee.  78% of employees consider having an HSA is what makes their benefit package excellent.  In addition to that 94% of employees with an HSA use it and those who do use 62% of available funds. Employees are looking for the flexibility to spend their funds where they choose instead of being directed where to spend using traditional group benefits.  Every employee is unique and has their own needs when it comes to healthcare; providing them with a health spending account and wellness spending account allows the employees needs to be addressed.  Not only are their health related expenses being taken care of, with a WSA they can take care of those extra expenses like gym memberships or yoga lessons. Traditional Benefits Aya Combined benefit amount is unknown ✔ Benefit amount if fixed and determined by employer Future premium increases are based on total plan usage by group members, which is unknown ✔ Employer budget is fixed and does not increase unless you choose to increase No refunds for unused benefits ✔ Refunds are provided if benefits not used Traditional Group Benefits Versus Aya’s Health Spending Account Aya’s prepaid Mastercard® allows employers to load a predefined amount onto a globally accepted Mastercard®. Employers can load the card monthly, quarterly, or annually and employees can use the card only at health and wellness merchants. Aya’s prepaid Mastercard allows your employees to never have to spend out of pocket for any health or wellness related expense. Employers and employees alike will benefit your company having Aya’s prepaid Mastercard® for the health and wellness spending accounts.

Aya’s prepaid Mastercard® health spending account for medium sized businesses is the ideal solution for all your group benefit requirements.  Do your insurance premiums increase every year or two and cost more than you actually receive in benefits? You are not alone, this is a trend with group benefits, but there is an answer; health spending accounts (HSAs). Also, wellness spending accounts (WSAs) are great when combined with HSAs, providing an additional level of expenses for employees; allowing employees to expense items like gym memberships, yoga classes or new running shoes in addition to all the health-related expenses covered by HSAs. Health spending accounts provide employers with cost certainty; they choose the amount  allocated to each individual, thus providing a fixed cost.  Also, the amount allocated to a health spending account does not change from year to year unless the employer decides to make a change.  Employers only pay for expenses incurred by employees, any unused allocations are rolled over to the next year or returned to the employer.  Hiring and retaining talented employees is a goal for every business, no matter what size they are but for medium sized businesses replacing talent can be a costly and unwanted expense. Health spending accounts should be considered both a hiring and a retention tool for employees. HSA’s are the single largest incentive for an employee to stay with an employer.   Traditional Benefits Aya Combined benefit amount is unknown ✔ Benefit amount if fixed and determined by employer Future premium increases are based on total plan usage by group members, which is unknown ✔ Employer budget is fixed and does not increase unless you choose to increase No refunds for unused benefits ✔ Refunds are provided if benefits not used Traditional Group Benefits versus Aya’s Health Spending Account Aya’s prepaid Mastercard® allows employers to load a predefined amount onto a globally accepted Mastercard®.  Employers can load the card monthly, quarterly, or annually and employees can use the card only at health and wellness merchants.  Aya’s prepaid Mastercard® allows your employees to never have to spend out of pocket for any health or wellness related expense. Controlling expenses is important for all medium sized businesses and having expenses that they can control is even better; health spending accounts provide employers with that option and it is a 100% tax-free benefit.  Health spending accounts also provide employees with the flexibility of where they spend their benefits instead of pre-defined group benefit packages.  Health spending accounts are a great option for medium sized businesses. 

Aya’s prepaid Mastercard® health spending account for startups is the perfect solution for your group benefit needs as you focus on growing your business and your revenues.  Keeping expenses under control is one of the top priorities for most startups while they are growing their company.  Providing employees with a Health Spending Account and a Wellness Spending Account is one way that startup’s can have cost certainty with their group benefits.  Traditional group benefit plans premiums fluctuate on an annual basis and are based off of the total plan usage by group members, which is unknown.  Health Spending Account costs are fixed and determined by the employer, the costs will only increase if the employer decides to increase the amount.  In addition to that with traditional benefit plans employers do not receive refunds from any unused benefits.  Health Spending Accounts provide refunds to employers if the benefits are not used by the employees.  Health Spending Accounts are also a 100 tax-free benefit for both the employer and the employee Traditional Benefits Aya Combined benefit amount is unknown ✔ Benefit amount if fixed and determined by employer Future premium increases are based on total plan usage by group members, which is unknown ✔ Employer budget is fixed and does not increase unless you choose to increase No refunds for unused benefits ✔ Refunds are provided if benefits not used Health Spending Account Benefits Versus Traditional Benefits Aya’s prepaid Mastercard® allows employers to load a predefined amount onto a globally accepted Mastercard®.  Employers can load the card monthly, quarterly, or annually and employees can use the card only at health and wellness merchants.  Aya’s prepaid Mastercard® allows your employees to never have to spend out of pocket for any health or wellness related expense. Health Spending Accounts are not only great for the startup, they are great for the startup’s employees, providing them with the flexibility to spend their benefits where they choose to.  Health Spending Accounts are also a retention tool; HSA’s are the single largest incentive for an employee to stay with an employer.  Whether it is to provide cost certainty with your benefit packages, or to provide employees with a benefit package they are looking for, startups should consider using a Health Spending Account.

Aya – A technology first healthcare platform for employees.  As we continue to discuss Aya’s robust technology platform the next group of people we want to mention are the employees themselves.  Like the advisors and employers before them, the platform has been built with employees top-of-mind.  Health Spending Accounts (HSAs) and Wellness Spending Accounts (WSAs) are extremely popular.  93% of employees like having an HSA, while 82% who do not have one would like one. Aya offers employees a prepaid Mastercard that works seamlessly with the Aya app; using the two in conjunction means employees never have to pay out of pocket for any of their health or wellness products or services again.  In addition to that,  using the Aya app’s receipt capture technology all that is required is to take a photo of your health or wellness receipt and your transaction is complete. Providing employees with ease of use and flexibility are core to the Aya health and wellness spending account experience; signup takes less than one minute, there is never any paperwork to fill out, fast customer support treats everyone as a valued customer, and all of the information you require is located inside the app. Get your money 10X faster– Our innovative software functionality allows for 10x faster    adjudication than traditional group benefit programs! Use  your Aya Mastercard– Use your card for eligible expenses, you are only one swipe away from purchasing the healthcare products or services you need! No more paperwork– All claims are done digitally through the Aya app! Aya is for the whole family– You can spend not just for yourself, but for your dependents too! Spend anywhere Mastercard is accepted – Valid worldwide but only at health and wellness merchants Aya Benefits For Employees When choosing your health spending account provider, look for a company that has built the most customizable technology and advanced financial infrastructure putting the employees’ needs first. Aya – a technology first healthcare platform for employees.

Aya – a technology first healthcare platform for employers. Specifically, Aya offers health spending accounts and wellness spending accounts; a prepaid version and a pay as you go option.  HSA’s are the single largest incentive for an employee to stay with an employer.  Aya’s robust technology and financial infrastructure allows your human resources team to focus on your most important asset, your employees, instead of spending hours and hours on paperwork for insurance companies. There is no paperwork needed to enroll your employees, you can quickly onboard and manage all employees digitally and they can start using Aya the same day. Compared to traditional insurers with similar flexible plans, Aya will save you $1500 per employee per year on fees and taxes. Provide employees with the flexibility they are looking for with the benefit packages.  Employees have the flexibility to spend where they want versus insurance companies dictating where you can spend.  As an employer you do not have to allocate funds separately between health spending accounts and wellness spending accounts; you allocate the total amount and Aya’s technology will take care of the rest.  Aya reduces fraud by reviewing one hundred percent of claims that are submitted according to CRA guidelines and machine learning is used to adjudicate each claim. Quickly onboard and manage all employees digitally Save $1500 per employee per year compared to traditional insurers with similar plans No credit check for you or your employees HSA reimbursements are a non-taxable benefit Technology that revolutionizes security and compliance Aya Benefits For Employers Aya is the most convenient, easiest, and safest health and wellness spending account, providing the most transparent reporting while being the most cost efficient.  Aya is setting the standard for health and wellness spending accounts.  Employers start saving time and money by using Aya – a technology first healthcare platform.

Aya – a technology first healthcare platform for advisors.  Aya is a healthtech and fintech company that provides financial payments solutions and program administration for employee benefit packages. Aya provides health and wellness spending accounts and what differentiates them from their competitors is the technology and financial infrastructure they have engineered.  Aya’s platform is fully customizable to meet any client’s requirements. Aya uses machine learning to adjudicate 100% of submitted claims, making it the only company in Canada to review every claim submitted.  Adjudicating 100% of claims dramatically reduces the amount of employers and time required to process claims, it also reduces the amount of fraud. Robust, real-time reporting tracks how employers spend money allowing for greater intel and ability to tailor plans to meet their needs. No more paperwork-Digital onboarding of all employers and employees Nextgen reporting-Track how employers spend money for smarter intel Increased productivity-Reduce 90% of your overhead time 4X your margin-Better margins through technology Efficient Administration-One platform to manage all of your companies Aya Benefits For Advisors Aya provides advisors all the tools necessary to effectively and efficiently manage all of their customers’ needs in a single platform, reducing the overhead involved while also generating better margins all through technology. There are options when it comes to health and wellness spending account providers but there is only one option for companies that provide the technology, the financial infrastructure as well as all the additional benefits… Aya.

Traditional Group Benefits versus Health Spending Accounts is a question that is being asked by more and more employers every year.  According to The Sanofi Healthcare Survey January 2020 health spending accounts are the single largest incentive for an employee to stay with an employer.  That is one of many reasons why an employer might look to add a health spending account to their traditional group benefits package or even replace the traditional plan altogether.  There are many other benefits that health spending accounts provide to employers starting with cost certainty; an employer decides the exact amount added to each employee’s account and that amount is a fixed cost, the only way it will change is if the employer decides to change it.  Another benefit is that a health spending account is a tax-deductible business expense.  Traditional group benefit plans rates change from year to year depending on previous years usage by plan members so employers are always dealing with a variable expense.  With traditional plans there are no refunds for any unused benefits, with health spending accounts any unused benefits are returned to the employer. The following chart outlines many of the advantages Aya health spending accounts provide over traditional group benefits for both employers and employees. Traditional Benefits Aya Combined benefit amount is unknown ✔ Benefit amount is fixed and determined by Employer Future premium increases are based on total plan usage by group members, which is unknown ✔ Employer budget is fixed and does not increase unless you choose to increase No refunds for unused benefits ✔ Refunds are provided if benefits are not used Limited set of benefits covered ✔ Comprehensive List of benefits covered Potential deductibles ✔ No deductibles Stringent structure ✔ Flexible Structure There are many reasons that employers are adding to, or replacing traditional group benefits with health spending accounts; but the cost certainty it provides is the most impactful one.  Small businesses can provide their employees with the health care they want while at the same time have the peace of mind that their expense costs are fixed.