Invest in Your Employees & Your Success with a Quikcard Wellness Spending Account
Support employee wellness and better business with a Quikcard Wellness Spending Account (WSA). This taxable allowance empowers employees to invest in wellness-related activities and products that support better physical and mental health.
In turn, Quikcard WSAs work to boost morale, strengthen employee retention, and cultivate more productive work environments.
The Benefits of a Quikcard WSA
Employee Assistance Program Benefits
- Be recognized as an employer who goes above and beyond. Employees value employers who invest in their wellness, who go beyond traditional norms to demonstrate their genuine commitment to employees
- Reduce absenteeism. Happier, healthier employees are less likely to miss work
- Support employee retention. Reduce turnover by nurturing a supportive culture—one your employees want to be part of
- Attract and retain top talent. Offering WSAs can be a key factor in attracting and retaining top talent in today's competitive job market
- Benefit from cost certainty. As an employer, you define the annual maximum amount and the wellness benefits your employees are eligible for
- Explore flexible options. As an employee, you have the freedom to choose from a broad range of employer-approved benefits
Fuel Your Team's Success with Quikcard's WSA
- Quikcard makes it easy for employers to add a WSA to their existing Quikcard HSA plans by making a simple amendment to the Plan Administration contract
- Funding for the WSA balance flows through the same process as an HSA—with similar reporting
- With the same Quikcard number, web portals, and mobile applications, administering WSAs is efficient and straightforward
Wellness Simplified
How a WSA Works
As an employer, you can quickly and easily add a Quikcard WSA to your existing health plan.
Choose between:
- A “Stand Alone” WSA. This option has a defined WSA balance that’s separate from the HSA maximum.
- A “Flexible” WSA. This option offers even greater flexibility. Here, the employer decides the total maximum amount for employees. Employees can then designate a portion of their total maximum to the HSA (non-taxable) and WSA (taxable) components of their Flex Account. Speak to your broker or contact Quikcard for further details.
Some items to note:
- WSA claims are taxable to the employee and must be included in their yearly income on their T4.
- A taxable benefit report will be provided by Quikcard to employers at the end of each personal tax (calendar) year.
- WSAs are eligible for employees only (not spouses or dependents). Receipts must be in the employee’s name for reimbursement.
A Quikcard WSA Has You and Your Employees Covered
A Quikcard WSA is commonly used to cover expenses that are not eligible in a Health Spending Account (HSA). As an employer, you determine the broad categories of wellness benefits eligible under your WSA, including:
- Fitness-related services – Participation in physical activity that promotes good health
- Fitness equipment – Purchase of fitness and sports equipment that promotes good health
- Dental-related services – Any unpaid amounts for procedures not covered under Core Benefits or Health Spending Account
- Health-related services – Products and services that improve health and wellbeing
- Work-life balance – Services that improve work-life balance
- Educational and personal development – Supporting continuous learning and career development
- Professional services – Services for personal care
- Green living – Products and services that promote green living
- Miscellaneous – Products for personal wellbeing, computing, planning, scheduling, and communication
- Other – Items and services that enhance wellness
A wellness spending account (WSA) is a flexible benefit account that employers offer to their employees to cover eligible health and wellness expenses not covered by traditional insurance plans.
Yes. WSA is a business tax deductible expense, but it is a taxable benefit to the employee that uses it.
Yes. WSA is a taxable benefit to the employee. We will send you a report at the end of the calendar year so you can add the taxable benefit to your employee T4’s.
WSA expenses can be used to cover other family member wellness related expenses. An example of this would be sports registration fees for a child of the employee who has the WSA. However, these expenses will be added to the primary cardholder’s T4 at year-end
WSA’s are commonly used to cover expenses that are not eligible in a Health Spending Account (HSA). As an employer, you determine the broad categories of wellness benefits eligible under your WSA, including:
- Fitness-related services,Fitness equipment
- Dental-related services, Health-related services
- Work-life balance,Professional services
- Educational and personal development, Green living
No. The WSA amount is per employee. You must be an employee in order to have a WSA as the taxable benefit amount must be reflected on the employee’s T4.
We provide online submission of claims through our secure portal or our mobile app. You will need to provide documentation, such as receipts or invoices, to support your claim.
Documentation requirements vary, but typically include receipts or invoices that show the date, description, and cost of the expense.
Reimbursement processing times typically range from 1 to 3 days after the claim submission.
Some plans may have restrictions on certain types of expenses or impose annual maximums on reimbursements. It's essential to review your plan details to understand any limitations that are set out by the plan administrator.
Most plans have deadlines for submitting claims, often within a certain timeframe after the date of service or purchase. It's crucial to familiarize yourself with these deadlines to ensure timely reimbursement. These are determined by the plan administrator at time of setup.
Most plans require that the balance be used within the benefit year.
At the end of the calendar year, our team will send out a report showing the amount that each employee claimed through the WSA. Your employees are only taxed on the amount claimed through the WSA.
At the end of the calendar year, our team will send out a report showing the amount that each employee claimed through the WSA. Your employees are only taxed on the amount claimed through the WSA.
WSA expenses are added to the T4 of the calendar year that the claim was reimbursed. For this reason, we encourage employees to submit claims for the current tax year by mid-December to ensure the reimbursement is processed prior to the end of the calendar year.
Since a WSA is a taxable employee benefit we suggest that it be offered once per calendar year. This is not mandatory, but it should be communicated to the employee if their program renews mid-year because they could see the taxable benefit twice in one taxation year.
Eligibility for a wellness spending account depends on the specific rules set by the employer offering the benefit. Generally, full-time employees with active HSA are eligible. WSA’s balances are provided to the employee, but the employee can utilize their balance to cover wellness expenses of their family members.
Giving an employee a WSA keeps the focus on promoting employee wellness. They are limited to spending the WSA funds on wellness related items.
Yes. WSA is funded the same way as an HSA. Once we have the approved amount per employee and division we will approve and reimburse the same way. We may ask for a top up if funding is not available or look to increase your Pre-authorized Payment, if needed.
The WSA works the same way as an HSA and should be offered to all employees of the company. The amounts can differ in each division.
The amount allocated to a wellness spending account varies depending on the employer's plan design. Employers typically set annual contribution limits. This is determined by the plan administrator at time of plan setup.
Be A Stand Out Employer—One Everyone Wants to Work For
At Quikcard, we’re here to empower your business success by nurturing the health and wellness of your employees. For more information on Quikcard’s Wellness Spending Account options and to create a tailored plan that meets your needs.
