HSA, HRA, or FSA?
(This came to me from an HR Business Partner of a growing company - Steve)
We're trying to assess what pre-tax vehicle we should offer our employees. We're growing pretty rapidly, and we wanted to see which one would work best for us.
Please note that I'm not looking to hear from brokers on what each of these do. I've done the research on that already. I would like to hear from HR peers who have these in place at your company. Which one(s) work and why?
Getting some feedback from others would help me as I put together a proposal for our leadership to consider. Thanks for letting me know what you've seen work.
1 reply
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We offer our employees the opportunity to participate in either an HSA or an FSA plan. We offer to different health insurance plans: a PPO and a HDHP, so each participant has an opportunity to save money pretax for the unreimbursed expenses. We also offer a Dependent Care which is used by many of our younger employees.
The more options you can offer your employees the more satisfied that will be. The small admin costs are worth the benefit to the employee.
We also contribute a one-time annual amount to the HSA accounts. this encourages more participation in the HDHP.