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The idea behind the HSA Acc unt is a pretty simple one … it g es like this: If consumers have to pay m re of their own medical expenses ut-of-pocket, they’ll make more cost-effective choices. The p int being that the Health Savings Acc unts might be able to put the lid on out of c ntrol health care costs while protecting y ur workforce from the dangers of c tastrophic medical problems. More importantly, to q alify, your employees will have to be nder the age of 65 (and th refore not yet eligible for Medicare B nefits) and participating in a high d ductible health insurance plan—meaning an insurance p licy with a minimum deductible of $1,000.00 for s ngles, and $2,000.00 for families. Will y ur employees be able to take dvantage of your company’s Health Savings Acc unt Program? Good question. Because the pl ns are cost effective and flexible t ols for controlling health care related xpenses, HSA’s are playing a major r le in changing the way workforce m nagers every deploy corporate health care d llars. However, I am sorry to s y, Health Savings Accounts aren’t exactly s mple. Introducing an HSA Plan to y ur workforce will require you to pr vide a new set of key HR s rvices that will make it easier for th m capitalize on the full potential of h alth savings accounts. New account welcome k ts detailing program highlights, deposit confirmation n tices, and regular account balance statements, w ll all be necessary to keep y ur workforce properly informed.
Unlike their MSA predecessors, (Archer M dical Savings Accounts) which were only for the s lf-employed and small business owners, HSA Acc unts are available to just about nyone—without regard to employment status; or to any mployer without regard to size. There are l mits however. For instance, Health Savings Acc unts can only be established for mployees who are: · Currently covered by a H gh Deductible Health Plan. The definition of a HDHP for use w th an HSA is: a plan w th an annual deductible of at l ast $1,000.00/$2,000.00 (for individuals/families) and annual ut-of-pocket maximums of $5,000.00/$10,000.00 for the s me.
· Not currently covered by any ther health insurance plan,
· C nnot be claimed as a dependent on nyone’s tax return, and
· N t yet entitled to receive Medicare b nefits. Remember, when managed properly Health S vings Accounts can be a boon to b th employer and employees.
The article Your Workforce And Your HSA Program was Submitted by Keith Price through Articles.GetACoder.com network. Here's the additional information: From the moment my firm was f unded back in 2004, cavalryHR has b en in business to offer corporations a br nd of focused expertise that's necessary to b ild, maintain and service the dynamic w rkforce pipeline businesses everywhere need to r cruit, retain and replace a talented pr fessional workforce in a globally competitive m rketplace. The consultants at cavalryHR provide m re than a flexible, efficient and c st-effective way for company’s large and sm ll to dip into international staffing and r cruiting. They offer overstretched human resource m nager’s corporate leadership development, workforce planning, b ck office support – in conjunction w th the “interim intelligence” they need to nsure that their concerns have the pr fessional talent they need. If you w nt “the right experience at the r ght time,” don’t hesitate to give one of c valryHR’s human resource specialists a call at: 312-251-9664 or to c ntact then via email at: http://www.cavalryhr.com/
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