As a small business owner, you understand that providing a reasonable benefits package is one of the best ways to motivate valuable employees to stay with the company. Along with that practical Administrative Services Only health insurance plan that you provide to help with extended health care, dental, and other treatments, why not think about offering health spending accounts to your employees? Here are some of the reasons why this approach makes sense.
Help With Covering Deductibles and Co-Pays
One of the nice things about Benecaid health spending accounts is that the funds can be used to settle remaining balances on events covered by the health insurance. There are often some sort of deductibles or co-pays associated with different medical services. Instead of your employees having to pay those out of pocket, it’s easy to turn to the health savings account, secure the funds needed to retire those remaining balances, and not create any issues for their household budgets.
Paying For Treatments Not Covered by the Health Insurance
Not all types of medical care are covered in the terms and conditions of the health insurance plan. What happens if an employee wants to try an alternative treatment that is not allowed by the insurance provider? One answer is to make use of the funds contained in those Benecaid health spending accounts.
Typically, health spending accounts are designed to include medical treatments not found in most health insurance plans. That means if the insurance your employees have does not include coverage for chiropractic treatments, the money in the health spending account can be used to pay for those sessions.
Fewer Worries About Medical Costs During an Extended Illness
What about when an employee has to be out for some time due to an extended illness? The provisions in the ASO help up to a point, but there are still medical expenses that may be left unpaid. Rather than the employee worrying about how to deal with those remaining debts for extended medical care, why not have funds in the health spending account to settle those debts? This will allow the employee to focus on getting better instead of worrying about how to pay for those remaining medical bills.
One More Way to Show You Value Your Employees
While most of the benefits associated with Benecaid health spending accounts have to do with finances, there is one indirect benefit that should not be overlooked. The fact that you chose to make this type of medical resource available to your employees says a great deal about what you think of them. You can bet that the fact you care about their comfort as well as their medical care and financial state certainly encourages employee loyalty. That gives them one more reason to stay with you instead of looking for positions elsewhere.
Today is a great time to review the benefit packages that you offer your employees. Along with health insurance and provisions for extended health care, consider setting up health spending accounts. In the long run, everyone is better off.