A health savings account, or HSA, can be a great strategy to reduce your health insurance expenses. As a refresher, an HSA is a tax-advantaged savings account that belongs to you. It is always paired with a qualified high-deductible health plan (HDHP) and unlike a traditional health plan an HSA/HDHP has a lower premium. Thus, you can put the premium savings into your HSA for maximum impact and that money in your HSA remains yours. It is often noted that an HSA offers a triple-tax savings: The money you put into your account is never taxed, your account and investment earnings grow tax-free, and you can withdraw your money tax-free as long as you use it for qualified medical expenses. The problem with most HSAs is that very little education exists to help participants maximize their investment. Here are six little-known tips & tricks for maximizing your HSA.
Wouldn’t it be nice to have cost-effective health insurance that you can offer your employees?
Health insurance remains the top valued benefit by job seekers and yet less than 40% of private sector employers offer comprehensive coverage, according to a study by Kaiser Family Foundation. The reason it seems, is that employers find the process of setting up and managing a health plan too arduous. Traditional brokers haven’t made it simple to navigate the complex web of options, reduce the amount of paperwork involved, and allow employees to effortlessly compare their options and enroll in their benefit elections.
Have you ever inquired about the cost of a medical procedure or medication in advance of receiving it? What about price shopping to make sure you are receiving good value for your money? It has become standard to compare airline costs and rental cars or even drive the extra mile to save five cents on gas but when it comes to expensive tests like MRIs, we know that most people will go directly the hospital - usually the most expensive option.
According to a recent study, about 50% of employees are ‘concerned, anxious or fearful about their current financial well being’ and over 40% of employees are ‘looking to their employer for financial support’. Are your employees among those who are uneasy about their finances? Whether you like it or not, they’re looking to you for help. Even if your workforce is highly educated they still might have little to no personal financial acumen.
Today’s workforce is a growing mix of ages, ethnicities, financial states, and will soon span five generations. Between work and life, employees seek harmony and they increasingly expect their employers to keep up with current trends to provide solutions for their changing needs. According to MetLife’s annual study on benefit trends, 49% of employees are concerned, anxious or fearful about their current financial wellbeing. The traditional, one-size-fits-all approach to benefits is diluted in this evolving environment. Meeting the needs of employees across the spectrum may seem daunting but it is achievable and it doesn’t require busting the budget. Below are the four pillars of a modern benefit package:
Not long ago a friend and client of mine received news that her husband had been diagnosed with stage IV cancer. Overcome with emotion and facing the labyrinth that is our healthcare system, she reached out to me for help. It still gives me pause to think that when faced with this life-changing diagnosis one of the first calls she chose to make was to me, her insurance broker.