The Empire Life Insurance Company has announced it will add a traditional healthcare spending account (HSA) to its group benefits products.
“A healthcare spending account is ideal for today’s more diverse workforce,” said Janet Jackson, vice-president, group marketing at Empire Life. “People at different ages and stages in their lives value different benefits. With the HSA, employees have more choice in how they use their annual allocation—and more power when it comes to protecting their health and the health of their family.”
HSAs can help business owners to manage escalating healthcare costs because they decide how much to allocate to employees and know that amount is fixed, unlike insured benefits where the premiums may rise every year in line with rising costs and utilization, says Empire Life.
The insurer will offer two standard HSA options: a plan that allows employees to carry forward unused credits in their account, and a plan geared toward small businesses that requires employees to use the benefits credits within a calendar or benefit year.
The HSA options are available on Empire Life’s BeneFit, BeneFitPlus and 20Plus suites.