Health Spending Accounts (HSAs) are one of the best kept secrets in the benefits industry that offer tremendous opportunities to both employees and employers. Below is a list of 10 perfect reasons why your company should seriously entertain utilizing the merits of this little known yet often heralded non-benefit plan Benefit
| 1 | Tax Free Money. Whether you’re a Business Owner or Employee, Health Spending Accounts will allow you to pay for health services and products as a business expense and tax free to your employees |
| 2 | Great when Coordinating Benefits with Spouse’s Benefit Plan. Everything from co-pays and deductibles to orthodontic expenses are eligible for reimbursement under HSA rules
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| 3 | Can Be Used On Its Own or in Conjunction With a Benefit Plan. Whether used to supplement an existing plan or a stand on its own plan, HSA’s are completely flexible in how they can be set up for employees
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| 4 | Increased or Decreased At Anytime. HSA’s can be increased or decreased at any time depending upon whether your business budget warrants it
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| 5 | Amazing Tool For Retaining and Attracting Employees. A perfect tax-free tool to retain and attract the best employees without the expense and uncertainty of an insured plan
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| 6 | Cost Certainty. Because it’s a Health Spending Account and not a benefit plan, you’re not subject to hidden fees, annual increases. It is a fixed cost that you don’t need to worry about year to year
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| 7 | Perfect Starter Benefit Plan. Because of the fixed cost nature of HSA’s, you are not going to be subject to the typical 8-15% year over year increases that normal benefit plans are typically criticized for
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| 8 | No Co-pays or Deductibles. HSA’s will often pay more of an identified benefit, in fact it can be used to pay your spouses co-pays and deductibles.
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| 9 | Unused HSA Amounts Go Back To The Employer. Unlike traditional plans, unused HSA amounts get reimbursed back to the employer and are not absorbed by the insurance carrier
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| 10 | Unused Amounts Can Get Carried Over To The Next Year. If an employee doesn’t use his/her allotted Health Spending Accounts in one given year, it can be rolled over into subsequent years.
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Chris Coulter is the Founder and President of The Finish Line Group. He works with business owners to leverage their businesses to increase their wealth, reduce corporate and personal taxes, create viable succession strategies, enable employee retention strategies and allow them to exit their businesses on their terms.
Chris’ passion for what he does evolved from the mistakes he made in his first business; by not diversifying his risk and not utilizing a lot of the opportunities within his business to create significant wealth. Chris found out the difficult way and now educates business owners on how to avoid many of his former oversights and ultimately control where their finish line ends.