Tri-State Insurance Agency: Delivering Alternative Healthcare Options for Employees

An employee healthcare plan today is most likely at the top of the list of expensive employer-paid benefits. And, over the past 10 years or so, employers have seen their plan rates increase significantly as the cost of healthcare rises. Many employers are now looking for alternative, viable options that they can offer, including making available consumer-driven health plans (CDHPs). These plans are designed to shift more of the financial responsibility for medical decisions onto the insured employee, resulting in more thoughtful use of funds.

At Tri-State Insurance Agency, in addition to offering traditional group health plans, we can provide businesses with the ability to provide employees with consumer-driven health plans, savings accounts that employees can use for medical costs. Employees fund health savings account (HSA) with pre-tax income, but, as an employer, you can also choose to supplement it. The HSA belongs to the employee and can be transported to another job if he or she moves.

Another option is an HRA, or health reimbursement account, which is set up and funded by the employer and is used to reimburse participating employees for qualifying medical expenses.

A flexible savings account (FSA) option is also available, which is similar to the HSA, but it can be associated with a traditional health insurance plan, as well. Deposited funds are pre-tax dollars and are not subject to payroll taxes. Funds not used by the end of the plan year are lost to the employee.

Our employee benefits specialists will you help you go through your options.

Tri-State Insurance Agency provides a comprehensive business insurance portfolio, including employee benefits, for companies throughout Pennsylvania, northern New Jersey and New York. Give our professionals a call toll-free at 888.990.0526, email us or fill out and send the form on this page for a free consultation and quote.