As more employers are offering high-deductible health plans as a way to save money on premiums, they are also adding HSA’s into the available benefit options. These Health Savings Accounts provide plenty of benefits that employees may not know about, but should definitely take advantage of. Here is how to get the most from an HSA.
They Cover Out-of-Pocket Health Care Costs
A big concern of people electing a high-deductible health plan is where the money will come from if they encounter unexpected medical costs. However, a standard health plan, with a lower deductible, usually comes with much higher monthly premiums. Taking even some of the money saved on premiums and contributing to the HSA on a regular basis will probably cover most out-of-pocket medical expenses incurred during the year.
Employer Contributions Are an Added Bonus
Many companies opt to contribute to employee HSA accounts, which can be a great added benefit and can go a long way to helping employees meet any anticipated medical expenses. Employees should be made aware of the terms of the contribution so they can make an informed decision on selecting this option.
Unused Funds May be Used For Future Medical Expenses
The HSA remains with the employee forever, whether they leave their job or change insurance plans. Employees can use this tax-advantaged opportunity as an investment in their future, saving funds that can be used to cover medical expenses, Medicare premiums or long-term care expenses throughout retirement years when healthcare becomes a much greater concern.
At Webb Financial Group, knowing how to develop the right combination of benefits to best suit your employee group is our specialty. Our decades of experience and ability to navigate the underwriting requirements of top insurance carriers allow us to provide exceptional results for our clients. Contact us at 847-604-5434 to see how we can create the best benefits package for your company so you can retain your best employees.
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