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That’s the power of HSAs paired with a qualified high deductible health plan (HDHP).
Moving to an HDHP/HSA allows your company to save on health insurance premiums without sacrificing quality on employee coverage.
When employees contribute to their HSAs via payroll withholding under a Section 125 plan, you (the employer) and your employees each are exempt from FICA taxes on those contributions. That’s 7.65% back into each of your pockets!
As your employees take ownership over their health and become more involved healthcare consumers, you’ll have an easier job slowing down increases on your annual premiums.
Poor benefits are a big reason why employees leave jobs. Because HSAs can help your employees save money and invest for the future, they’re a great way to beef up your benefits package and help keep your employees happy.
If you’re ready to enroll your group, call us at (888) 354-0697. We’ll talk you through the enrollment process and make sure you have all your questions answered.
With HSAs, employees have the option to invest funds and let them grow long-term to cover medical expenses in retirement. Also, after age 65, funds withdrawn for non-medical expenses are only subject to normal income taxes like a 401(k) or IRA.
Instead of paying high monthly premiums for coverage they may not use, HDHPs can save employees hundreds of dollars each month in lower premiums.
Unlike FSAs, HSAs don’t have “use-it-or-lose it” limits, so employees don’t have to spend funds in a given year. Also, employees can change their HSA contribution levels as often as you, the employer, allow, and their HSAs stay with them if they change jobs or retire.
HSAs and HDHPs can cut costs for you and your employees, as well as provide your employees with the hands-down best way to save for medical expenses.
If you’d like to estimate how much your company could save with an HDHP and HSAs for your employees, check out our employer cost savings calculator. Or, if you’d like to compare HDHP costs against a traditional health plan, use our healthcare plan comparison calculator.
If you’re ready to enroll your group, call us at (888) 354-0697. We’ll talk you through the enrollment process and make sure you have all your questions answered. Or, if you’d like to know what sets our HSA apart, learn the HealthSavings difference here.