employee benefits

If you need a prescription for healthy savings, just memorize these three letters: HSA.

A Health Savings Account, or HSA, works in conjunction with a high-deductible health insurance plan. The money contributed to this account then becomes available to cover medical or other health-related expenses. Balances in this account roll over from year to year, so the employee can sock away quite a nest egg for medical contingencies.

One size does not fit all. It’s true for shoes, and it’s true for employee health plans. The employee with a large family and a history of medical issues will have different health insurance needs than the twenty-something free spirit in perfect health. Try to cover them all with a single, all-encompassing health plan and you not only end up with disgruntled employees — you also end up paying for unused coverage.

We developed the following article for the Austin Entrepreneur Network. 

Click here for more info on our upcoming series, 10 Ways to Simplify Employee Benefits.