Wellness Spending Account

Looking for more flexibility in how you support your employees’ overall well-being? A Wellness Spending Account (WSA) is a versatile taxable benefit fully funded by the employer, designed to help employees and their families with the cost of wellness-related expenses.

Wellness Spending Account Advantages

Flexibility

• Employees choose how to allocate their funds based on their personal wellness needs – from fitness programs and nutrition to stress management and education.

Broad Range of Eligible Expenses

• Includes fitness-related services, equipment, vitamins, alternative health services, and education or personal development programs.
• Covers work-life balance supports like childcare, elder care, and individual insurance plans.

Convenient Claim Process

• Claims can be submitted via mail or email and are reimbursed from the remaining balance in the employee’s account.
• Each explanation of benefit includes your updated credit balance.

Taxable Benefit

• Employer contributions are not subject to Federal Income Tax. However, benefits are considered a taxable benefit to the employee.

Wellness Spending Account Details

• Claim Run-Off Period: 30 days into the new calendar year or after termination to submit eligible claims.
• Participation Ends: On the last day an employee qualifies as eligible.
• Leaves of Absence: Coverage ends immediately, with a 30-day period to submit claims for eligible expenses incurred while active.
• Plan Changes: May be made on the plan anniversary or to comply with relevant legislation.
• Co-ordination: This plan acts as a second payer when other benefit plans are in place.

Eligible Wellness Expenditures

• Fitness: Gym memberships, personal training, sports fees, recreational classes, fitness equipment.
• Health & Wellness: Vitamins, alternative health practitioners, stress management, smoking cessation, maternity services.
• Education & Development: Tuition, books, courses, language and training programs, computers.
• Work-Life Balance: Child and elder care, caregiver support, supportive aids.
• Insurance Premiums: Individual health, dental, life, disability, travel, critical illness plans.

If you have any questions, please contact Innovative Benefits Inc. at 780-448-0783 or service@innovativebenefits.ca. Claims can be submitted by mail to:

Innovative Benefits Inc.
435, 450 Ordze Road
Sherwood Park, Alberta T8B 0C5
Email: claims@innovativebenefits.ca