Flexible spending accounts ( FSAs ) and health savings accounts ( HSAs )
• HSAs : Allow employees with high-deductible health plans ( HDHPs ) to save for medical expenses tax-free . Funds can roll over and grow over time .
• FSAs : Employer-sponsored plans that reimburse employees for eligible medical expenses up to the full annual elected . amount , although funds do not roll over .
SETTING PRIORITIES AND GOALS Employee benefits are a significant expense . To be strategic :
• Consider what will make your company competitive .
• Understand current employee expectations .
• Align benefits with goals for morale , engagement and retention .
• Comply with federal and state laws .
• Fit benefits into the total compensation picture .
BUDGETING Be realistic about your budget . Consider :
• Premiums ;
• Employee contributions ;
• Dependent coverage ;
• Deductibles and cost-sharing ;
• Regulatory compliance ;
• Broker or consultant fees .
Health insurance is typically the largest cost , averaging $ 2.86 per hour per employee , according to the U . S . Bureau of Labor Statistics .
COMMUNICATING WITH EMPLOYEES A clear communication plan can guide employees through the enrollment process . Provide :
• Informational packets or an internal benefits website ;
• Comparisons of in-network and out-of-network coverage ;
• Side-by-side comparisons of premiums , contributions , and deductibles ;
• FAQs and explanations of any changes from previous years .
SUMMING IT ALL UP A thoughtful benefits strategy can help you attract and retain employees . Choose benefits based on legal requirements , budget and employee expectations . Communicate the value of these benefits clearly and keep employees informed of any changes .
About Insperity : Insperity offers the most comprehensive suite of scalable HR solutions available in the marketplace . Through an optimal blend of premium HR service and technology , Insperity delivers the administrative relief , reduced liabilities , and better benefit solutions that businesses need for sustained growth .
For more information , scan the QR Code or call ( 855 ) 605- 4830 , or visit them at Booth # 3224 at the NATDA Trailer Show .
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