SmallBiz owners have quite a variety of options when it comes to building a benefits plan that suits the needs of their employees and their budget.
SmallBiz benefits Option #1 has been around for quite a number of years but it has been gaining momentum recently…in fact, when a SmallBiz owner decides that they want to implement an employee benefits plan, 50% of the time they are choosing the HCSA.
There are 2 basic reasons that my Clients are choosing the Health Care Spending Account (HCSA) 50% of the time:
- “Easy to Budget”
- The SmallBiz owner decides how much he/she wants to deposit annually per employee on a Category basis. For example, $500 for part-time employees; $1,000 for full-time; $2,000 for management. Or, any amount(s) they want with $500 being the minimum.
- The SmallBiz owner could also categorize employees based on years of service; location; or family status.
- Once they decide on what the deposit amount is, then once a year at the Year-End Review, they can decide to change the deposit amount(s) because there is NO RENEWAL!
- “Easy to Administer”
- All the SmallBiz owner has to do is provide the Name and Home Email of the employee…the rest of the Enrollment is completed online by the employee.
- Ongoing Administration is simply an email away…for example, adding a new employee is as simple as, “Please add Johnny Workman with an effective date of xxxx. His email address is [email protected]”
- Deposits can be made upfront; on a monthly basis; or a combination of the two.
- Pre-authorized deposit plans are also available.
The HCSA also provides Claims Flexibility – As long as the procedure or product is falls under the CRA guidelines, then the only restriction for reimbursement is how much money is in the employee’s HCSA. Submitting claims can be done on-line…and direct deposit makes the claiming experience all the more better!
Located in Cambridge, ON Sharkey Group Insurance provides independent Employee Benefits advice & counsel for Small Businesses across Ontario.