Aurora Workplace Solutions is based in Saskatchewan and continues to grow and adjust to changing “skies.” We are knowledgeable and up-to-date with the latest industry changes and forecasts. The Aurora Workplace Solutions team is passionate about helping organizations and their employees. Collin explores a different aspect of group benefits each month to help business owners and HR professionals make informed decisions about their employee benefits programs. This month, for Collins Corner, he is tackling Health Spending Accounts (HSAs): what they are, how they work, and why they might be just what your business needs.

Collin’s Corner: Why Health Spending Accounts Are a Game-Changer

What is a Health Spending Account (HSA)

A Health Spending Account (HSA) is a uniquely flexible employee benefit that allows employers to set aside a certain amount of money for their employees’ medical expenses. Think of it as a “personalized health purse” that employees can use to pay for eligible health-related costs not covered by traditional benefits plans.

Key Features of HSAs:

Tax-Advantaged: In most cases, employer contributions and reimbursements to employees are tax-free, providing significant savings for both the company and employees.

Flexible Coverage: HSAs can be used for various health and dental expenses, from prescription drugs to vision care, massage therapy, and beyond.

Employee Empowerment: Employees have the freedom to decide how to spend their allocated funds on the health services most relevant to them.

HSA aks Health Spending Accounts with stethoscope and blue piggy bank Why HSAs Are Good for Your Business

With an HSA, you choose the annual contribution amount for your employees. This means you know exactly how much you’re spending every year. There are no unexpected premium hikes—you’re in the driver’s seat.

A well-structured benefits package can tip the scales when attracting top talent. An HSA shows you’re committed to employees’ well-being by offering flexibility to meet their unique health needs, ultimately boosting satisfaction and loyalty.

Employer contributions to an HSA are typically tax-deductible, while employees enjoy tax-free reimbursement of eligible expenses. Everyone wins.

Employees who feel in control of their benefits tend to be more engaged. Instead of using a “one-size-fits-all” coverage, they can tailor their spending to what matters most. That level of personalization fosters goodwill and appreciation.

HSA’s Can Supplement or Replace Traditional Benefits.  

HSAs can be offered alongside a traditional benefits plan to cover out-of-pocket costs or serve as a stand-alone solution in some cases. This flexibility allows businesses of all sizes and budgets to implement HSAs in a way that makes sense.

Getting Started with an HSA

Whether you’re a small startup or an established company, setting up an HSA can be straightforward with the right guidance. 

Firstly, we will help you decide how much you can allocate per employee per year. Remember, costs are predictable, and you control them.  Then, clearly explain how your employees can use their HSAs and what expenses are eligible. The more they know, the more value they’ll see in this benefit. Aurora offers benefit presentations if you prefer. That means we can answer any questions your employees may have! 

Health Spending Accounts (HSAs) are powerful tools for businesses looking to offer modern, flexible benefits while keeping a firm grip on costs. If you have questions about how an HSA might work for your organization, feel free to contact me. I’m always here to help you find the right balance between supporting your team’s health and protecting your bottom line.

Feel free to contact the Aurora Workplace Solutions team to learn how we can tailor a benefits package to meet your unique workplace needs. Here’s to spreading the love this month—and every month—by giving your employees the support they deserve!

Until next time—stay healthy and take care of your people!

–Collin Willms signature

Collin Willms   

Group Benefits Expert, Aurora Workplace Solutions

More about Collin

Collin Willms is a seasoned expert in group benefits and retirement solutions, specializing in helping business owners and their employees build comprehensive plans that attract and retain top talent. With over 20 years of experience managing employee benefits and group retirement programs for organizations ranging from self-employed individuals to companies with over 500 employees; Collin has earned a reputation for delivering tailored solutions with precision and care.

Holding a Professional Financial Planning (PFP) designation, Collin is known for his thorough, informative, and approachable style. As a business owner, he understands organizations’ challenges and takes pride in crafting strategies that meet their unique needs.

 If you are ready to set up a group benefit or retirement plan or just want to learn more about our services,  Click Here For A Quote.

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