3 Reasons Every Small Business Owner Needs a Health Spending Account

December 12, 2018 2 min read
Health Spending Account

You’ve tried to put in place a health insurance program for your employees. We get it. Finding coverage for a small amount of employees can be hard.  It can be expensive, there can be costly co-insurance payments and many exclusions on coverages. The secret to affordable health insurance for a small business owner is a Health Spending Account.‍

How does a Health Spending Account Work for Small Business

A Health Spending Account (HSA) gives you the freedom to decide how much you want to contribute and where you want to spend your contributions. An HSA is a great alternative (or supplement) to a traditional employee health benefits program.

Healthcare Benefits for Small Businesses

It is an account that is established exclusively to pay for healthcare costs for you and your dependant family members. The HSA allows you to decide how much you want to contribute as well as provides you the freedom to choose how you spend it.

How HSAs Work

HSAs are tax-free accounts designed to help you pay for your family’s healthcare. You decide how much money to deposit for your family and which expenses to use those funds on. With an HSA, you get budget certainty and complete control of your money.

3 Benefits of a Health Spending Account for Small Business Owner

1. Affordability

Cost control is in your hands, not an underwriters. You will also be able to reduce your taxes by writing off 100% of your medical costs through an HSA. There are no deductibles or co-payments; just complete coverage on expenses you choose.

2. Full Coverage‍

More eligible expenses than you could even imagine as opposed to a traditional plan which limits expenses. The definition of a dependent is also more inclusive; cover everyone you care about.

3. Ease of Use

The claims process is easy. Submit your claims through your smartphone, tablet or desktop. No complicated exclusions or conditions on your claims.  No medical underwriting needed to set up.

Make sense? Get your own HSA here.

Written by

Davis started in the insurance industry in 2009. He completed a Bachelor of Business Administration-Marketing at the University of Winnipeg in 2017 and us currently completing a Master of Management Innovation at Queens University.  He obtained his full CAIB designation in 2016, has his LLQP certification in 2018 and is currently working on his CIP designation. Although his everyday function is not primarily as a broker, as he works on sales and marketing strategy, he enjoys the opportunity of applying his insurance and corporate innovation knowledge to find new ways to integrate technologies to innovate and make insurance simple, easy and clear.