Many companies are in the middle of their open enrollment period, and health savings accounts (HSAs) are offered by more companies than ever before. But, because not everyone can be experts on HSAs, it may be difficult to answer questions that employees might have. Your employees need to know the best way to use an HSA to maximize their benefits and ensure they are spending HSA funds on qualified medical expenses. You may be wondering how an HSA can benefit your business. Fortunately, there are some useful resources for employers and employees who are looking to educate themselves about HSAs. Check out our top 3 reccomendations:
Many employees receive health insurance through their job, and these employees expect tools, resources and information so they can make informed decisions about which health plan is best for them and their families. Providing employees with a health plan comparison tool is a great way for employers to support this decision process. Most people are not health plan experts, so it can be difficult to know what to look for when comparing health plans.
As an employer, you are busy running your business and you probably don’t have a lot of spare time to learn all the detailed ins and outs of every benefit you provide to your employees. When HSA questions come up, it can be frustrating to track down answers and communicate with your employees. You’re not alone; this is a common problem for many employers.
With the Affordable Care Act and the increasing costs of medical expenses, employees are more pre-occupied with securing health benefits to avoid tax penalties. Providing these benefits to employees is a great way for small business owners to recruit and retain the best workers. But how can small businesses compete when every other company is also seeking the best talent? One answer may, in fact, come from health savings accounts (HSAs).
The right HSA provider
Selecting the right HSA provider can be a challenge for employers. Service, features and cost are all factors to evaluate. In this article, we discuss some of the ways HSA providers make money, so you have a better idea of how to determine cost and value for your employees.