Group Benefits programs are one of the best ways that you can look after your employees. They can help employees stay healthy, address issues early, and take away some of the financial burden of paying for health care.
The catch is, Group Benefits programs by their nature are frequently “one size fits all”. But every employee’s needs are different. You may have some with a lot of dental challenges and some with virtually none. You might have a really healthy person who hardly ever claims – except for sports injuries. And they could stand to direct more of their plan toward that.
Health Spending Accounts (HSA), sometimes called Personal Health Savings Plans (PHSP), provide the flexibility to meet the diverse needs of your team. They’re primarily used three ways:
1. As an alternative to a traditional Group Benefits program
2. As a top-up to an existing plan (to provide extra coverage, for example, for glasses)
3. As an extra perk, for example for ownership, a management team or as a reward for long tenure
Why do they make sense?
1. They provide coverage for a wide range of different needs: from massage therapy to orthodontics
2. They can be paid “as you go” – ie. When a claim comes in – or pre-funded
3. For ownership, there can be significant tax savings by paying through your company rather than personally with after-tax dollars
Permanent Life Insurance
What happens if one of your team wants to really plan for the future?
Self-Employed Health and Dental Insurance
You work for yourself -- you have the freedom and pride of ownership -- as well as some write offs that give you the chance to run your business expenses through your company.