When you’re considering health insurance and benefit plans for your employees, don’t forget about Group HSA otherwise referred to as a health savings account. This helps employees save their pretax earnings for medical coverage in the future. A percentage of your earnings will be placed in a savings account to help you cover any future medical care.
Unlike a FSA or flex spending account, the money that goes into your HSA rolls over every year. HSA has very few limitations on what an individual can do with the money in the account. For instance, there are no time restrictions on a person’s ability to use the money in the account.
Of course, due to this plan being in place, a higher deductible is likely. With a higher deductible, premiums are usually lesser. Having a higher deductible is actually quite beneficial to employers and employees. Employees will have more freedom to choose their benefits and providers. The freedom in choosing treatment options is something many career-minded individuals with families at home seek.
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