Health and wellness spending account wisdom

Health Spending Accounts; why employers should be adding them

Health Spending Accounts (HSA) and Wellness Spending Accounts (WSA) are becoming much more popular in the Canadian workplace. Two recent employer surveys point to just that fact and the trend continues to go up. The Sanofi Healthcare Survey January 2020 and the Sun Life & Ipsos Shaping Group Benefits March 2020 Survey both point to a myriad of statistics that clearly show employees enjoy having an HSA and the ones who don’t would like one. Below are some of the interesting observations from the two survey’s.

  • HSA’s are the single largest incentive for an employee to stay with an employer
  • 57 % of employers offer an HSA, 35% offer a WSA
  • 51% of employers believe HSA’s will be more a significant part of benefits over the next five years
  • 93% of employees like having an HSA, while 82% who do not have one would like one
  • 78% of employees consider having an HSA as is what makes their benefit plan excellent
  • Adding an HSA takes an employees satisfaction with their benefits from 49% to 68%
  • 94 % of employees with an HSA use it and those who do use 62% of available funds
  • The larger the company in terms of number of employees, the greater the interest in moving towards defined dollar spending accounts
  • 88% of the employers at 1000 plus employee companies are interested in moving to defined spending accounts
  • The interest to shift from traditional plans to defined spending accounts is happening in all industries led by the financial industry with 94% of employers interested in moving

Employers from coast to coast, now is the time to invest in your employees health by adding health spending accounts and wellness spending accounts to your group benefits. Aya is a fully customizable technology company that specializes in healthcare, built with a one-of-a-kind financial architecture. Providing fast digital onboarding, robust real-time reporting and automated adjudication for 100% of claims. Offering the most innovative technology, at the lowest cost, allowing better benefits for everyone.

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