January is the perfect time to put the focus on your employees’ health and what is in store for the rest of the year! Creating a healthier work environment is in itself a reward, but when your company can offer extra incentives in the form of a benefit package, all while saving money – that is even better, right?!
Health insurance is one of the first things that come to mind when building a benefit package. Whether a business has health insurance or not, Health Reimbursement Arrangements are another great addition to enrich benefit packages. Not sure where to start? BASE can help by providing business owners with an assessment of their benefits to outline whether there are any tax-advantaged benefit plans that could be providing the business with tax savings.
A Health Reimbursement Arrangement (HRA) is the perfect solution to saving both the employer and employee money with an employer-sponsored reimbursement program. This tax-advantaged health benefit helps provide employees the health care flexibility they need. An HRA is an IRS-approved benefit used to reimburse employees for their qualified medical expenses.
Healthy employees are a huge part of a thriving work environment. Science has proven a direct link between an employee’s health and their productivity. Employees who are sick and don’t take care of themselves will be absent, unproductive, and may require time out of work if sick. But employees who are healthy, see their wellness as a priority, and routinely see a doctor, will help keep their business going. By taking an active role in your employee’s life and incorporating ways for them to take their own health into their own hands, a business can realize savings in many ways – less employee sick days and valuable tax savings.
Employers who offer benefits package, with the addition of tax-advantaged savings on out-of-pocket medical spending, not only have happier, health care-conscious employees, they reap financial benefits. Let’s get 2019 started off on the right (healthy) foot! Call BASE® at 1-888-386-9680 or visit our website!