Employee Health Options

Health Spending Accounts

An Alternative Or Supplement To Group Benefits

Are you looking for a modern, relevant and cost effective way to give your employees health and dental expenses? Set yourself apart from other businesses in the same field? At POM, we can help you create a health spending account that will see you and/or your employees get the most out of their health expenses. Furthermore, it will save you money and increase employee retention.

Health spending accounts can be opened for businesses as small as one, even if it’s just you, the owner of the company. This health and dental coverage can be offered as a stand alone or, for more complete coverage, in addition to our affordable Income Guard Plan.

The most significant benefit to the business owner is having full control without the monthly premiums and the annual increases in those premiums. What makes this so appealing to the employee is that they can spend their health care dollars on what they need. They can avoid all the extra costs and service limitations associated with traditional group plans. This is not a one-size-fits-all approach.

Here’s how it works; the employer sets an annual dollar amount for each employee. That employee can then draw from it to cover 100% of whatever prescription, vision, and any other medical expenses they need until it’s used up. If the employee doesn’t spend the full amount allocated per year, two options are available; roll the money into the next year or take it as a saving for the business.

Why an HSA has become an increasingly desirable way to have health benefits:

  • Tax break because it’s self-funded & third party CRA approved
  • No more monthly premiums
  • No annual increases in premiums
  • Never pay deductibles
  • No 80% / 20% split
  • The employer sets the amount allocated to each employee
  • Employers only pay for what’s used, plus a nominal 5-8% administration fee per claim
  • Health spending dollars are used to cover for each person’s unique needs