As a small business there are a myriad of ways for being creative and having your revenue dollars stretch to cover operational expenses. Many small business owners invest in a variety of benefit plans provided by insurers.
A cost effective method for having employees have benefits is to begin a self-funded Health Spending Account (HSA) for employees. Decide on an annual amount that is to be set aside for employees health spending. Put the parameters in place for the HSA. For example:
- Employees have to work for the business for 6 months to qualify.
- Receipts need to be provided for the employee to be reimbursed.
- Funds for the HSA will reach a maximum dollar amount within a fixed period of time.
Still not sure about the benefits of an HSA – contact me to discuss.
Solo and Small Biz Change Agent, Marie-Helene Sakowski at email@example.com