More people are changing jobs regularly than before to climb the career ladder. Workopolis noted in a 2014 study that 88% of people had to change companies to obtain better positions, and only 51% of people keep the same job for less than 2 years. This is making it exceedingly difficult for smaller businesses to keep employees and offer them health care plans that are as affordable and competitive as those offered by larger corporations.
Many small business owners are under the impression that group health insurance is the only option to offer employees. In fact, many of them aren’t even aware that other options available, such as the Health Spending Accounts (HSAs), are available through Benecaid.
Benefits of Health Spending Accounts
HSAs provide employees with predictable costs. They are also pre-funded, meaning that companies deposit set amounts into an account, which are then used to cover the cost of submitted claims. If the full amount in the HAS isn’t used, the funds’ balance is rolled over to the next year.
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Another benefit of this is that employees can choose how to spend their plan funds instead of limited to predetermined amounts in categories that they might not even use. These accounts provide employers with the benefit of a set budget while also giving employees control over how their funds are allocated. All of these benefits mean that HSAs are ideal options for small and medium businesses to provide a counter-offer to healthcare options offered by larger corporations, thus helping to retain as many of their employees as possible.
Benefits of Working with Benecaid
Smallowners. The company has helped many small and medium businesses remain as competitive as possible in the marketplace using being able to retain top talent in their industries.
Your dedicated Benecaid advisor will work with you to learn more about the plans and HSAs available through the company. This will help ensure that you can provide your employees with the best benefit of all – namely, peace of mind knowing that their medical expenses will be taken care of.