No matter if you are a small company of 10 or a large corporation with 1000’s of employees, benefits are at the heart of your employee culture and retention. Understanding how to bridge the employee benefits gap can help you find low-cost and high-return solutions to round out your benefits packages.
The one size fits all benefits strategy has long since been replaced. Employees expect benefits that are tailored to their personal needs, and within their financial limits. Employers are pigeonholed with the requirement of offering more benefits at lower costs. Employers are faced with the difficulty of increased benefits costs. On top of that, managing more benefits providers increases time commitments and payroll complexity.
Employer Benefits Requirement
Finding benefits solutions that reduce complexity save employers time and money. Finding benefits solutions that meet these requirements and are flexible, further narrows the list.
As the cost of benefits increase each year (you already know this, but it is important to call out), you are faced with what at times seems like an impossible challenge – better benefits at lower costs. This balance can be outlined with these mandatory requirements:
- Benefits must improve employees productivity or create a financial safety net
- New benefits must be low-cost
- New benefits must integrate with existing systems
These requirements ensure you increase productivity, at low costs and keep from avoiding a new time suck.
The HSA Solution
As more and more employers offer high deductible health plans, with over 30% employee participation in 2016, there is a need to offset higher out-of-pocket healthcare costs. With this shift in employer-offered health insurance, employees are trying to balance higher (and less predictable) financial burdens. When it comes to healthcare, an HSA can bridge the employee benefits gap.
Use an HSA to lower the cost burden for eligible employees by creating triple-tax savings (contributions, investments, and deductions). Not only does an HSA provide tax savings, but it also creates a fully automated savings opportunity. With an HSA, employees can save for today and invest for tomorrow. HSAs provide the health financial safety net employees need.
Modern HSA providers, like Lively, have removed the overhead of legacy providers and created a 100% paperless and digital HSA experience. This creates low-cost pricing and easy to set up HSA payroll integrations.
This HSA model meets the benefits requirements outlined above to save you time, money and increase overall employee satisfaction. Now only if we could get the rest of the healthcare space to follow suit!
Disclaimer: the content presented in this article are for informational purposes only, and is not, and must not be considered tax, investment, legal, accounting or financial planning advice, nor a recommendation as to a specific course of action. Investors should consult all available information, including fund prospectuses, and consult with appropriate tax, investment, accounting, legal, and accounting professionals, as appropriate, before making any investment or utilizing any financial planning strategy.