A healthcare spending account (HCSA or HSA) is a great way for any business to customize their benefits plan to suit their compensation philosophy and business goals. It can complement a traditional core health and dental plan or it can be a standalone solution. It can be used to compensate specific groups within your group differently, according to your business needs (for example, offering larger HCSA amounts based on seniority).
Small Biz Advisor recently published two articles about HCSAs, discussing how they can be used creatively to meet a company’s needs and how small businesses can benefit from implementing them. Our President, Robert Crowder, was interviewed for both articles to provide an expert perspective.
Cost control and employee retention are two advantages an HCSA offers small businesses. In one of the articles, Rob affirms that “cost is king for small business owners and having the ability to offer employees benefits but still control the costs is something clients are looking for”. In the second article, he goes on to say, “employers are looking to work with their employees and keep them motivated. Employers are using healthcare spending accounts in creative ways to motivate existing employees”.
We encourage you to check out the full articles from Small Biz Advisor:
Our brief HCSA explanatory video is a great tool for advisors to quickly and easily explain what an HCSA is and how it works to their clients. Check it out below!
The Benefits Trust can help you integrate an HCSA into your current plan, or build a new customized benefits solution unique to your business. Contact us today!
Check out our FREE eBook for a comprehensive look at HCSAs: “The Smart Business Owner’s Guide to Healthcare Spending Accounts.”
More on HCSAs from The Benefits Trust:
- How Do You Transition from a Conventional Benefits Plan to a Healthcare Spending Account?
- Do You Know These Details about Healthcare Spending Accounts?
- The Four Pitfalls of Self-Managing Your Healthcare Spending Account
- Case Study: Reflecting Your Company Culture in Your Benefits Plan - May 21, 2020
- Case Study: Addressing Employee Demands for More Benefit Choices in Family Owned Business - February 21, 2020
- Changes Coming to OHIP in 2020 - November 26, 2019
- Canadian Businesses Turning to Flexible Benefits Plans - October 7, 2019
- Common Benefits Advisor Problems: Adding Value, Part Three - June 6, 2019
- Common Benefits Advisor Problems: Adding Value, Part Two - May 14, 2019
- Dental Fees in Ontario Rising 4.19% This Year: What Can You Do? - March 22, 2019
- How to Combat the Skyrocketing Cost of Dental Claims - October 24, 2018
- Virtual Care in Canada, Here to Stay! - September 18, 2018
- Rob Crowder Celebrates 30 Years in the Business! - August 17, 2018