myWSA is a taxable spending account provided by employers to promote healthier lifestyles and employee satisfaction. Wellness Accounts are taxable so they are extremely flexible. The only governing body over eligible items in the program is the employer. A Wellness Spending Account will typically encompass what the company believes are items that reward and incentivize their staff.
There are many standard Wellness items such as: daycare, gym memberships, vitamins, personal training, etc. With this plan, you can be as creative as you want when building it. When companies invest in the health of their employees, people tend to be happier and more productive. Studies have shown wellness programs provide increased levels of physical activity, and lower levels of absenteeism and risky health behaviours.
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