Health Strategies: HSA vs. HRA
HSA or "Health Savings Accounts" have been the buzz words in health insurance for years. Many business owners made the mistake of offering HSA's to their employees. HSA’s are very popular but for businesses an HRA makes more sense. In addition the owner can opt out of any group plan and should strongly consider a low cost individual HSA health plan for themselves. However for your company plan the only real way to save money is to take a higher deductible. So instead of telling your employees they lost benefits so you can save money must put money into their HSA to keep them happy, BUT they get to keep all of it and use it how they wish! So how much did you really save? With an HRA or Health Reimbursement Arrangement, you credit your employees an amount they COULD use towards medical expenses IF they need to. Otherwise the money stays with the company! Results: Huge savings for you AND happy employees! This strategy is not understood by very many consultants. In addition there are even more advanced strategies where you can keep the benefits the same but keep a portion of the premium for yourself! Call us for a free detailed analysis! We’ll give you a money saving strategy not just another quote! Feel free to contact me here
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