How are your healthcare costs? Driving you freaking insane? Us too!
But you do have options. Along with HSA’s, self-insuring, or cancelling insurance altogether, many companies are reducing this employee expense by opting for higher deductibles and discontinuing dental and eye care insurance. This helps contain costs but reduces benefits to your team.
To supplement this, consider using your ITEX account to replace some of these benefits.
In many of the geographic areas we cover, dental, eye care, chiropractic services, podiatry, weight loss programs, and other services are generally available through ITEX. Consider extending an annual ITEX dollar allowance to each of your staff members.
Allow them to use your ITEX account and keep a spreadsheet of the services rendered to manage the employee purchases. This allows you to keep your insurance costs contained, continues to provide a comprehensive benefit to the employee, and uses your ITEX dollar revenues all at the same time.
NOTE: You would need to check with your accountant if they deemed these to be taxable revenues to the employee or HR investments by the company.
Another benefit to this is that no matter what amount you allocate for each employee you only pay for services actually delivered! If a given employee requires no medical care that year there is no money out of your pocket.
We’ve also had some companies offer a annual incentive for their employees to lose weight or stop smoking with a prize purchased with ITEX dollars at the end of the year for those that meet a specific goal.
Stay healthy with ITEX.