Small Businesses Get Creative to Save Employee Health Benefits

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Many small businesses use tax-free Health Savings Accounts and Health Reimbursement Arrangements to provide employees with suitable and affordable healthcare coverage. HRAs and HSAs also offer many tax advantages to employers.

There are a variety of different options with each of these healthcare coverage solutions

According to a new study by Information Strategies, Inc., many small business are finding creative ways to keep their employee healthcare coverage. Two of the most popular solutions businesses are implementing are Health Savings Accounts (HSA) and Health Reimbursement Arrangements (HRA).

HSAs and HRAs are both tax-free programs designed to help Americans afford their healthcare, regardless of the health insurance programs that may or may not be provided by an employer. An HRA program allows employers to reimburse their employees for healthcare expenses that are not covered by the employer's healthcare plan, such as deductibles, co-pays, and coinsurance claims.

With an HSA, individuals set aside a tax-deductible portion of their income into a savings account. They can then invest the money as they would with an IRA without having to pay taxes on its growth. HSA funds can be used to pay for qualifying medical expenses, including dental expenses, mental therapy, physical therapy, alternative treatments (such as acupuncture), transportation and lodging related to medical expenses, non-prescription medications, and more.

"There are a variety of different options with each of these healthcare coverage solutions," said Wiley Long, President of HSA for America. "For example, we have an HRA plan for self-employed individuals that is different than the plans we offer for small businesses. Also, employers can decide what can be covered by the HRA plan, such as dental or vision."

HSA for America offers a wide range of healthcare coverage solutions that are uniquely designed to help small businesses provide suitable coverage to their employees. "As healthcare becomes more and more expensive, we're always on the look-out for affordable programs that will help our clients afford appropriate coverage for their employees and families," said Long.

More About HSA for America
HSA for America offers affordable HRA programs for employers and their employees, helping both employers and employees save money while receiving tax incentives for their healthcare reimbursements. In addition to a comprehensive offering of HRA programs, HSA for America also offers a wide spectrum of Health Savings Account programs for individuals, families, and businesses that help members save up to 50 percent off of the cost of their medical expenses.

For more information about HSA for America programs, visit http://www.health--savings--accounts.com.

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JIM MCFADDEN
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