Our spending accounts just got more flexible and affordable
November 1, 2021
For business owners, plan administrators, and sponsors
In today’s workplace, employees want more flexibility and choice especially when it comes to their health benefits. With our enhanced Health Care Spending Account (HCSA) and Lifestyle Spending Account (formerly known as our Taxable Spending Account), you can give your plan members more choice to spend their benefits dollars in a way that’s best for them, while you can better control your plan costs.
With our enhanced Heath Care Spending Account (HCSA), you can:
- Enjoy competitive HCSA administration fees
- Cover dental expenses through an HCSA if you don’t have a dental plan
- Carve out non-catastrophic health expenses (hospital, paramedical, vision, and medical supplies) and cover them through an HCSA
- Add the option for members to submit claims directly to their HCSA, instead of submitting to the core or Coordination of Benefits plans first (now available to groups of all sizes)
NEW - Our Lifestyle Spending Account (LSA) is now available to all clients and administrative fees are much more competitive
The advantages of offering Spending Accounts
By offering an HCSA and/or LSA, you can boost your group benefits plan by providing coverage flexibility and choice that will help attract and retain employees.
An HCSA is a tax-deductible expense for your company and provides plan members with tax-free coverage of expenses normally associated with a health and dental benefits plan.
A Lifestyle Spending Account is taxable benefit for plan members that can help support their overall well-being and reduce workplace absenteeism. Things such as gym memberships, child and pet care expenses, and public transit passes are just a few examples of eligible expenses.
Submitting HSCA/LSA claims can be done online or using the mobile app, which makes the process quick and easy for your members.
If you want to know more about our enhanced Spending Accounts, contact your representative at The Manufacturers Life Insurance Company (Manulife).