Information on HSAs more widely available
As health benefit costs continue to rise at double-digit rates, more employers are
seeking consumer driven health care (CDHC) programs to control costs, which includes
adopting a Health Savings Account (HSA). Agents
are an important part of the formula due to their critical role of providing employers
with information on how to reduce the ever-rising health care costs and put an HSA
into place.
Employers are realizing that to get to the root of the health care cost problem, they
must take a more active role in managing the health of their employees, says Helen
Darling, president of the National Business Group on Health.
Many employers traveling down the path toward CDHC realize the large amount of effort
required to get employees on track toward this concept. According
to a survey conducted by Watson Watt and the National Business Group on Health, many
employers cited several challenges relating to HSAs. 80 percent of those surveyed
expressed concerns about the need for increased health education and 54 percent expressed
concern with technology requirements.
The Department of Treasury viewed the increased interest as an opportunity to provide
more information about HSAs to both employers and employees. The
Treasury released a tri-fold brochure that reviews the advantages of HSAs along with
brief explanations on how an HSA works and how to open one. Employees
and employers can download the brochure to
find out more about who can have an HSA and how to use it.
The Watson Wyatt, National Business Group survey reported only eight percent of employers
currently offer HSAs and another 18 percent want to add them to their health benefits
in 2006. Additionally, 47 percent are considering
HSAs. Agents should start working with groups
now to provide them with information on how to get an HSA set up and how to provide
their employees with the advantages of an HSA.
Infinisource offers an innovative
HSA
solution
that boasts market driven interest earnings on accounts and
a high level of plan design flexibility for employers. An
individual
version
of the product is also available for people who would like
to take advantage of this powerful health care resource on their own.
New innovative HSAs will change the way millions can save to meet their health care
needs. The result will be an even wider base of health care consumers making smarter
decisions on how they choose to spend their health care dollars. Infinisource continues
to provide agents with the tools necessary to provide proper information to both the
employees and employers on the benefits of an HSA.
The Infinisource HSA is a full featured spending and savings account with
limited cash requirements and automatic rollover into market driven mutual fund investment
elections.
Visit our website www.benefitsolved.com for
additional updates and information on what is available. For assistance with these
or other employee benefit administration and compliances issues visit our website, www.benefitsolved.com,
or call 800-779-6384.
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