Top 4 Things Your Employees Can Do With the Right Health Savings Account

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One of the best ways to keep valued employees is to ensure they have the best benefits on the market. That includes benefits related to their health care. Along with providing a comprehensive health insurance plan, it pays to look into the idea of offering access to an HSA account by Benecaid. The right health savings account ensures your employees can do a lot more to manage their health care needs. Here are some examples of what they can do with their HSA accounts.

 

Access to a Wider Range of Eligible Treatments

Most group health plans cover many types of medical care and treatment while not allowing for the use of alternative options. This is an area where the HSA account can broaden the range of treatment options your employees enjoy.

Depending on the plan, an employee may be able to file a claim for chiropractic treatments, some forms of eastern medicine, or even something like a session or two with an acupuncturist. More options for care translates into employees who are more likely to seek medical assistance rather than attempt to tough it out and hope the problem goes away.

 

Easy to Review Balances

An employee with an HSA account by Benecaid will find it easy to access and review the account details. At any given time, the employee can use unique login credentials to check the balance in the account, note any pending deposits, and even check to see if a payment for a recent treatment has been deducted from that balance. The ability to check the balance at any time is helpful if the employee needs immediate treatment and wants to determine how much is on hand to help cover the cost.

 

Coverage for a Wider Range of Eligible Dependents

Most group health plans allow covered parties to secure coverage for spouses and children who are still in school. What happens when the employee has other dependents who need some sort of coverage? In many cases, a health savings account will allow the employee to cover other dependents even when group health policies do not.

That means if you have aging parents in your home or have custody of a sibling’s child, there’s a good chance you can cover them under the terms of the HSA. While there are some limits on who is considered an eligible dependent, the range is much broader than with traditional health plans.

 

Track the Status of Claims and Review Claim Histories

Your employee is always free to check the details associated with the HSA account by Benecaid. Reviewing and generating reports about past claims, the amounts paid, and when they were paid is simple. You will know when the claim was submitted, when it was approved, and when the funds were disbursed. That makes keeping the personal accounting aspect of health care costs a lot easier.

Now is the time to investigate how health savings accounts work with group health plans to provide more protection for your employees. It won’t take long to see why this approach makes sense, and why your employees will love it.

Ryan Yarbrough is a small business consultant, speaker, and the manager at Davis Financial Services, a small business consulting firm.

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