Because simple and effective is a great benefit
A taxable spending account (TSA) is a simple and effective
solution that enhances a group benefits plan by functioning as a
personal health and wellness account for plan members. A TSA helps
organizations be innovative and flexible, attracting and retaining
valued staff.
An Equitable Life TSA, by design, is a responsive, flexible,
simple solution:
Responsive: Part of the Equitable Life health
and wellness solutions that matter™ suite of benefits
solutions, a TSA allows plan sponsors to encourage health and
wellness by covering the costs of services* that can help plan
members lead healthier, more balanced lives.
Flexible: A TSA provides greater choice in
employee benefits, reimbursing eligible expenses that are not
covered through traditional group benefits plans.
Simple: A TSA is a simple addition to any
Equitable Life group benefits plan and does not require any plan
design changes.
*Equitable Life's standard TSA is
designed to meet the needs of the majority of our clients.
Why is an Equitable Life TSA simple?
Because all plan sponsors need to do is
choose:
- Who will be eligible? A TSA can provide
reimbursement for eligible expenses for dependents and plan members
or for plan members only.
- How much will be allocated to the TSA on an annual
basis? The amount allocated for each plan member is a
defined amount selected by the plan sponsor thus providing cost
stability to the group benefits plan.
- What type of TSA allocation? Plan sponsors can
choose a balance carry forward or a use-it-or-lose-it TSA design.
- A balance carry forward TSA design allows plan
members to accumulate a balance over a set period of time (for
example over two benefit periods). Under this option, Plan members
can save up their TSA credits for an eligible expense that may be
greater in cost than the credits allocated and available in a
single benefit period.
- A use-it-or-lose-it TSA design requires plan
members to forfeit any unused TSA credits at the end of the benefit
period with no tax implications for the tax year for unused
credits.
Health and wellness solutions that matter
Because an Equitable Life standard TSA reimburses (on a taxable
basis to the employee) expenses related to healthy living and
well-being choices it effectively supports and promotes health and
wellness. A TSA is part of Equitable Life's suite of health and
wellness solutions that support individual and workplace health and
wellness efforts.
All Equitable Life plan members gain access to reliable health
and wellness resources through the Equitable HealthConnector® at EquitableHealth.ca®. These health and wellness
solutions that matter can lead to healthier, more balanced lives.
EquitableHealth.ca is also home to the plan member Innovations® web service site which
allows plan members to manage their benefits and sign up for
eSolutions such as electronic explanation of benefits and direct
deposit payment of claims.
Why is an Equitable Life TSA effective?
Because an Equitable Life TSA allows plan members to choose from
a broad choice of eligible expenses to an annual maximum amount, it
provides the opportunity to clearly define and better predict
benefit costs. Also, because an Equitable Life TSA features simple
and effective administration, highlighted by:
- TSA information (balances/what is eligible/benefit
periods) being easily available to plan members through
EquitableHealth.ca®.
- Reports on TSA utilization available to plan sponsors
through the plan administrator web service site at
EquitableHealth.ca.These reports can be easily used for taxation
and accounting purposes, utilization trends and costs as well as
provide comprehensive information on available balances and
potential forfeitures (dates and amounts).
- A simple TSA claim form provided to plan sponsors to make
available to plan members with an easy-to-understand itemized list
of all eligible expenses.
- Straightforward monthly billing in arrears will be sent
to the plan sponsor electronically.
- Easy to track for tax reporting as each plan sponsor is
responsible for tax reporting; a TSA is assigned a unique and
separate policy number to make this process easy.
What is covered under a standard Equitable Life TSA?*
Health related services |
- Weight management programs;
- Smoking cessation programs;
- Nutrition programs and counselling;
- Maternity services (prenatal classes, midwifery
services);
- Alternative health practitioners;
- Sleep assessments; and
- Stress management programs
|
Fitness related services |
- Fitness club memberships and classes;
- Sports team costs;
- Sports club fees (golf memberships, greens fees; ski
passes…);
- Personal training fees; and
- Fitness and sports equipment
|
Work/life balance related services |
- Elder care costs;and
- Day care costs
|
Personal insurance premiums |
- Critical illness (CI);
- Life insurance;
- Long term care; and
- Long term disability (LTD)
|
Professional development |
- Courses and seminars;
- Conference and classes;
- Text books and reference materials;
- Professional exam fees; and
- Travel costs associated with eligible professional
development
|
Technology |
- Computers;
- Other electronic devices (smartphones; tablets);
and
- Software
|
Because a TSA is a flexible solution by
design, Equitable Life can customize any TSA to meet the unique
needs of specific work place demographics or preferences and
requests. Please speak to your group benefits advisor or your
Equitable Life group marketing manager for more information about
how an Equitable Life TSA can be a great benefit or to find out
more about health and wellness solutions that matter.