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The end of another year brings about resolutions. We compile a list of items that seem like a good idea to commit to at the beginning of another year, yet not necessarily something we hold ourselves accountable to as the year comes to a close.
Some of the top items people have on their list have to do with their health. Isn’t there some saying about "treating your body as if it were a temple" and "you are what you eat" or "you only have one body so take care of it"? However, people still have a hard time realizing that they aren’t doing any of these things, so in turn they find themselves paying for their neglect in the form of health care dollars.
This year should be the year that you will make that commitment to yourself and maybe the well being of those around you. Don’t we owe it to ourselves to be more accountable for our health and the care and treatment we provide ourselves with.
BASE has seen more and more companies make the switch to a consumer driven health plan, which makes employees more accountable for their health spending. The way the economy has been you have to utilize the creative ways of combating health care expenses, rather than sitting around waiting for the government to make decisions for you. Here may be some of the benefits being provided to you from your employer and how they are to your advantage:
Health Reimbursement Arrangement – If your employer provides this plan, more than likely you can be reimbursed for some of your out-of-pocket medical expenses. What you are reimbursed for is tax free to you and tax deductible for your employer, so you both have a tax favored advantage. Check with your employer and if they do not have this available, maybe it is something to consider, by implementing this it often time can result in lower health insurance premium payments whether a group or individual plan.
Flexible Spending Account – It’s a benefit plan that allows employees to set aside a portion of their pretax earning to pay for qualified expenses such as doctor visits, co-pays and prescriptions. This benefit option allows for a substantial tax advantage since contributions are made prior to an employee’s paycheck being taxed. If you have not participated in this program, you should. It can save you about 25 cents for every dollar you spend for non-insured medical and even dependent care expenses.
Health Care Premium Reimbursement – If you are purchasing your own health care due to the fact that your employer is unable to provide health insurance through a group program, check to see if your employer has implemented an HCPR plan. This will allow you to run your premiums through payroll pre-tax.
Businesses and employees feel the crunch, but we can all resolve to make better health care choices. If you are not using a benefit plan mentioned above, see your benefits coordinator to get signed up for 2010. If your employer is not offering any of the above benefits, you may want to mention that it would be beneficial to you both to get one started right away.
There is a reason employers give their workers "benefits." From free parking to health insurance, the goal is to make employees happier. That way, employees stay with the company and are more productive. By healthcare being so expensive it’s best to join with the millions of Americans who are taking advantage of creative ways to cut health care costs.
So with the New Year, I challenge you to take a look at the benefits you are currently being offered. Your company won’t thrive without healthy employees, so resolve to take care of yourself in 2010. Most importantly stay healthy and wealthy by using a few simple cost-cutting measures to provide relief for healthcare expenses – because until you hold yourself accountable, nothing will change!
Anne Case BASE - Marketing
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