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Q My company is in the fitness industry and we tend to employ younger, more fit individuals. What steps should we take when searching for a health care plan that would be beneficial to a company like ours?
RANDY ZARECKI
FITNESS TOGETHER
A Selecting a health care plan for a small business is a strategic issue. Any plan has to be robust enough to attract and retain a workforce, but its costs cannot be so high as to threaten the viability of the business.
Employing younger, more fit individuals may signal a need for a low-cost /low-coverage plan because the probability of a catastrophic illnesses is very low. But young people can be vulnerable to joint injuries that may require expensive surgery. Also, a number of employees may want to start families and are faced with medical costs associated with raising children. Many of those who are currently uninsured in this country are young people who do not feel vulnerable to illness. It would benefit them to think more long term about their own health care.
Health Savings Accounts (HSA) may be the best solution for your firm and your employees, given the demographics of your staff. An HSA is available to those enrolled in a high deductible health plan. The funds contributed to the HSA account are not subject to federal income tax at the time of deposit and accumulate year over year if not spent. Essentially, it is a savings plan comprised of the employee's money and the employee is responsible for the choices made.
An employee benefits consultant can help define the value of an HSA to you and to your employees.
JACK MILITELLO
PROFESSOR OF MANAGEMENT
DIRECTOR, HEALTH CARE PROGRAM
UNIVERSITY OF ST. THOMAS
OPUS COLLEGE OF BUSINESS
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