If your goal is to maximize employee benefits and minimize cost, it might be worth getting to know the QSEHRA and HSA. We will break down their value as separate and conjoined HR benefits of the QSEHRA and HSA.
Small business owners are always looking for ways to maximize benefits while minimizing cost for both themselves and their employees. A small business HSA is a perfect way to limit healthcare costs while ensuring you have the dedicated money you need to pay for medical costs. What you might not know is that your company legal structure, and ownership stake, might impact your HSA contributions.
From the earliest days of my tax practice, clients came to me with difficult and seemingly unsolvable problems that I was able to resolve for them. I also had the opportunity of working with people at all stages of their small businesses. Over the years, in part thanks to the economy, my office saw more and more clients with small businesses, and with that comes the mistakes, the unrealistic expectations, and the lack of tax knowledge in this important area.
Employees are busy. You are busy. Why would you add a health benefit that requires more time? The most likely explanation is that new benefits will save your company or your employees’ money. A health savings account (HSA) does both.
Few benefits in healthcare are one size fits all. HSAs are no different. Finding an HSA, that works with your existing healthcare benefits (and payroll systems) will save you time and money today. Finding an HSA that scales as your business grows, will ensure you don’t have to waste time next year!
As a small business owner, health plan coverage takes your time and money. Every year. Leaving you exhausted and frustrated with health insurance. Properly evaluating health benefits will help unlock more nuanced value from your health insurance. Coupling health benefits with your health plan will get you past the year-to-year loop of increasing costs and decreasing coverage.
Who wants to add another new benefit to your existing stable of employee benefits? Most are time intensive and cost prohibitive. This is the anthesis of what an SMB owner needs. Employers and employees are left stuck in the mud. The same benefits year over year, with a higher price tag. Will offering an HSA break this cycle?
What is more important to a small business owner than keeping costs low and employees happy? Its hard to find both, especially when selecting a health plan. Lower costs, that still offers the benefits employees expect, are why a small business owner should choose an HSA-eligible health plan.