Are HSA's Cheaper For My Business Than Regular Health Insurance?
Health Insurance Myth: Small businesses get
a lower insurance rate for their group health plans.
Health Insurance Reality: Most individual plans
are actually priced lower than small business group health plans
because insurance underwriters are required to offer coverage
for each of your employees and their family members, automatically—regardless
of their medical history or past health problems.
With an individual medical plan, insurance companies only underwrite
the individual, denying coverage or charging a higher rate as
they see fit.
Is HSA Health Insurance a Cost-Effective Alternative
for My Business?
What’s one of the most valuable fringe benefits your company
can use to attract and retain employees? The guaranteed coverage
of a group health plan. Avoid paying extra for group plan features
that your employees won’t utilize: you can realize savings
by offering a program that your employees tailor themselves to
meet their individual healthcare needs!
Though still relatively new, Health Savings Account Programs may
be the federal government’s answer to out-of-control health
costs. These accounts, or HSAs, encourage and reward you and
your employees for taking control of your healthcare.
3 Benefits of HSA Accounts
1. An HSA puts competition back in healthcare. The
cost of healthcare has soared ever since third parties (insurance
companies) began paying for medical expenses. HSA Accounts assume
that individuals are better suited to deciding when and where
to spend their healthcare dollars than their insurance companies.
When your employees purchase medical services using their HSAs
they’ll shop around for the best values, forcing healthcare
providers to compete to attract new patients. What does that
mean? The potential for substantial savings all around.
2. HSA Accounts encourage your employees to stay healthier. HSA
Accounts can be used to pay for preventative medical care that
traditional health plans don’t cover. The HSA provides
a real incentive for your employees to take a proactive approach
to healthcare. And staying well is the best way to save money
on healthcare.
3. The HSA lets your employees choose how to spend their
own healthcare dollars. HSA Accounts encourage your
employees to take advantage of their tax-advantaged funds to
pay for alternative, holistic, or preventative health treatments.
The results include savings and investment opportunities.
Your employees will be able to use the kind of medicine that
fits their lifestyle the best. You can have a healthier workforce
spending less on healthcare because they have access to a wider
range of treatment options.
What Kind of Savings Can I Expect from a Health Savings
Account?
Just the savings from the lower plan premiums and the built-in
tax deductions alone could be $5,000.00 a year or more for your
small business!
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