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Taking care of your employees’ financial health
Solutions to help increase savings and reduce stress
In a recent study, sixty percent of Americans surveyed reported feeling financial anxiety and stress. Those who reported high financial anxiety were more likely to have past-due bills for the treatment of a health problem.1
We offer several solutions to help reduce financial stress and support your employees’ overall well-being while helping you attract and retain top talent.
Spending accounts offer tax advantages
Offer a BlueSaver® health savings account (HSA) with one of our HSA-qualified health plans or add a health reimbursement account (HRA) to our HRA-eligible health plan.
HSAs and HRAs encourage your employees to take more control over planning and paying for eligible health care expenses. They also offer tax advantages for both employees and employers.
Online tools at ibx.com help make them easy to manage, and they offer convenient funding methods and on-demand reporting.
HSA
HRA
Allows employers to choose lower premium health plans with higher deductibles while giving employees a way to save tax-free for qualified medical expenses2 now and in the future
Why employers offer
Compatible with
Who owns the account
Who funds the account
Who establishes contribution rules
Helps pay for2
Funds carry over Portable
HSA-qualified high-deductible health plans
Employee
Employer and/or employee IRS
Qualified medical expenses2
Yes Yes
Helps employees offset health care expenses, but the employer contributes tax-advantaged funds only when claims are paid, owns the account,
and can define what’s covered
Eligible HRA plan
Employer
Employer
Employer and Independence
Qualified medical expenses as determined by employer
No No
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Independence Blue Cross does not provide legal or tax advice. Consult your legal and/or tax advisor for rules regarding the tax advantages of spending accounts.
1. Source: gflec.org, “Financial Anxiety and Stress among U.S. Households: New Evidence from the National Financial Capability Study and Focus Groups Report,” April 2021, FINRA Investor Education Foundation and the Global Financial Literacy Excellence Center at the George Washington University
2. Refer to IRS Publication 502 for a complete list of qualified medical and dental expenses. If account funds are used for non-qualified medical expenses, they are subject to the current tax rate and may be subject to a 20 percent penalty.