Health Spending Account (HSA) and Wellness Spending Account (WSA) Explained in 93 Seconds

A Health Spending Account (HSA) is a flexible type of health benefit plan that an incorporated business or a sole proprietor can offer to their employees. It can be structured as a top-up with an existing group benefits program or as a standalone plan. It provides employees with a predetermined amount of money to pay for eligible healthcare expenses, such as prescription drugs, dental, vision care, and medical equipment. It can be a cost-effective way to provide additional healthcare benefits and can help employers attract and retain top talent. Additionally, it can help employees better manage their healthcare expenses, leading to increased employee satisfaction, productivity, and loyalty.
A Wellness Spending Account (WSA) is a type of health benefit plan that is taxable and provides employees with the ability to pay for eligible wellness expenses, such as first aid courses, gym memberships, fitness equipment, nutrition counseling, mental health services, and more. Offering a WSA as part of an employee benefits package can help promote company culture and health and wellness among employees, helping them stay healthy, reduce stress and burnout, and increase productivity and engagement.
At Arvin Jimenez Financial Services, we offer HSAs and WSAs that are pay-as-you-go, have no set-up fees, no fees to add employees, and claims that can be submitted digitally. Claim reimbursements are processed within 2-4 business days, and the only cost is a 10% admin fee plus tax per claim. Contact us (Email: arvin@arvinjimenez.com) today to find the right plan for your business and ensure that you are taking full advantage of these benefits for you and/or your employees.

Contact us arvin@arvinjimenez.com

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