Health Savings Account
What is a Health Savings Account?
A health savings account, also known as a medical savings account, is a tax-advantaged savings account to help employees save for medical expenses. These accounts help lessen the burden of expensive healthcare.
Benefits to Employer
Offering savings accounts is an affordable way to demonstrate awareness of the pressures of healthcare spending. It helps reduce absenteeism by allowing employees to access the medical care they need to be present at work. Depending on the funding arrangement, these can be a low-cost benefit for the employer to provide.
Benefits to Employee
Health and medical savings accounts allow employees to set aside funds in advance, reducing the risk of an unexpected financial burden. This can make healthcare more accessible, helping employees stay healthier. It also reduces stress among employees who face financial difficulties due to healthcare expenditure.
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Ben is easily the most engaged initiative we’ve ever had. It gets everything to everyone in different locations, and I can’t even tell you how much time it’s saved us.
