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.
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.