The Empire Life
Insurance Company (Empire Life) has said it is adding a traditional
health care spending account (HCSA) to its group
products.
A health care spending
account is a product that can help employers manage costs, enhance
a plan and offer employees more choice.
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Empire Life has offered
an Incidental Health Benefit, and is now expanding its offering to
include a traditional HCSA.
According to Empire
Life, a HCSA can help business owners manage escalating health care
costs.
This is because business
owners decide how much to allocate to employees and know that
amount is fixed, unlike insured benefits where the premiums may
rise every year in line with rising costs and
utilization.
Empire Life offers two
standard HCSA options: a plan that allows employees to carry
forward unused credits in their account, and a plan geared towards
small businesses that requires employees to use the benefit credits
within a calendar or benefit year.
