September 30, 2021
How to Use A Health Spending Account
1) As a stand alone fixed amount benefit. Your company picks an amount to apply to each category of employee and fixes your corporate costs. The employee can choose which medical expenses to claim and get reimbursed tax free.
2) As a Flexplan allocating the allowance between wellness benefits such as health clubs, supplements, extracurricular sports etc. and other medical expenses. The company chooses the amount, the employee decides how to spend it.
3) As a supplement to an existing traditional benefit plan. Add an amount to different categories of employees based, say on years of service as an additional perks. Allows discretionary spending by employees based on their specific needs.
4) Recruiting and Retaining employees. If you are just getting started or restarted in your business, at least put in something that is flexible and controls costs. For established businesses, offer a little more discretionary spending to employees.
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