Business Health Savings Account (HSA)

Employees wearing green aprons standing in a group, listening to their manager

Tending to health care needs

When was the last time you evaluated the cost of the health insurance plan(s) you provide through your business?

We know we don’t have to tell you: Costs tend to go up, not down! We can’t really change that, but… you may want to talk to your health insurance provider to see if offering a high-deductible health plan (HDHP) would lower your business’ health insurance expenses. If so, a Health Savings Account (HSA) option for your employees might make a lot of financial sense!

HDHPs and HSAs go hand-in-hand.

HSAs complement HDHPs by allowing employees to set aside pre-tax dollars to cover the higher deductibles. Often, employers also contribute a percentage of an employee’s income (or a set amount) into each employee’s HSA on a regular basis. (If you choose to do this, we’d set it up to automatically happen. Very low-maintenance.)

See more benefits that HSAs offer to employees.

What’s in it for my business?

Well, for one thing, you could save some moola. The amount you drop into each employee’s HSA could still add up to less than what your business currently pays for its share of employees’ health insurance. (This is where your health insurance rep can help you sort through the numbers.)

There also may be some tax advantages for your business. (You should ask your tax advisor about this!)

Last (but never least!), helping employees save money for medical expenses can go a long way toward employee retention and satisfaction. (Maybe for National Boss Day, the staff will host a surprise potluck in your honor!)

Sounds great! What’s next?

If you’d like to know more about the process of setting up HSAs, contact us. (We’d love to meet with you!) We’ll even come to your business and talk with your employees; do all the legwork to get the individual HSAs set up; and make the whole shebang run like a well-oiled machine.

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