ProInsure - Business Insurance, Estate and Succession Planning
We blog on various topics but the heart of our practice is helping people with their daily challenges and problems and providing thoughtful solutions to these problems and challenges, whatever they might be.
Many business owners are unaware that one minor change to their employee benefit plan can result in happier, less stressed, more productive and engaged employees.
Here's what financial stress sounds like.
"I just lost my glasses. They cost $600 but the plan only covers $150 every two years."
"I broke a tooth on popcorn and the dentist says I need a crown. It's going to cost $1500 and we can't afford that right now with Bobby in hockey."
"My wife just told me the our oldest needs braces, now where am I going to find that kind of money?"
Traditional insurance plans are good but there are limits to what they cover and these limitations often cause financial stress for employees.
The good news is that by making just one change to the plan design employees will have more choice, better coverage and be happier and less stressed.
You can turn a traditonal benefit plan into a "Flex Plan" simply by adding a Healthcare Spending Account (HSA).
The secret sauce
Here's how we create a "Flex Plan". We remove Medical Practioners, (massage, chiropractors, dieticians, etc.) from the traditional plan and make them available through the Healthcare Spending Account. We do the same to dental coverage.
Removing these services from the traditional plan results in premium dollar savings. These savings are then reallocated to each employee as a credit to their Healthcare Spending Account.
The employees now have more choice as to where they can spend the money allocated to them in the Healthcare Spending Account. They will be much happier, more engaged and less stressed because they can now pay for larger ticket items. Isn't that why you made benefits available in the first place?
Your employees will thank you for their Healthcare Spending Account and the cost will be the same, or in many cases less than what the company pays now.
Make changes to your plan anytime!
It's a little know fact that employers can change the benefit plan design anytime during the year. Many employers think it can only be done annually. The insurance companies don't publish this fact but it's true, we make mid-year changes to benefits plans all the time.
Cost savings and happier employees - a great combination !
Call today for a FREE review of your employee benefit plan and learn how one simple change to your group benefit plan will result in happier less stressed employees.