A Health Savings Account at Frontline PR 1 A Health Savings Account at Frontline PR Shelley Black July 26, 2017 Susan Berry, the human resource director at Frontline PR, wanted to take full charge of trying to save the company money when it came to health insurance. She had attended a conference where there were many experts speaking about a health savings accounts (HSA’s) and she is convinced this is the right option for the company. According to the American Health Value, an HSA is a health savings account that only works together with a high deductible health plan. With this particular plan, it will only cover serious injury or illness once the deductible is met (www.americanhealthvalue.com). Susan came back to the office …show more content…
After explaining everything to Allison, the director of finance of Frontline PR, agrees the option would be a good step in the right direction but still isn’t convinced on an employee stand point, that it is right for the company. There are many things that Susan and Allison will need to consider when implementing a health savings account. According to our case study, A Health Savings Account at Frontline PR, there are several advantages that would make the health savings account more appealing for both the employer and the employee. Those would include, but not limited to: a health savings account is available to employers of all sizes or self-employed business owners. This makes things very convenient for anyone looking to open an HSA on behalf of themselves or their staff. Another benefit that many will look at is that the employee owns the health savings account and has complete control of their assets within the account. Again, very beneficial as nobody can tell them they need to use this amount here and this amount there. Susan would also need to emphasize to her staff as …show more content…
Many times it can also be challenging to set aside money. Sometimes money is tight and you need all the funds in your bank account you can have in order to make ends meet. However, people who are older and sick more often, may not be able to save as much as those who are healthier and younger. Allison and Susan should also take into consideration that not everyone is going to agree with the idea of a health savings account. Some individuals may feel pressured to save money which may lead them to not seek medical care when they actually need it. Many will feel that they may not ever reach the high deductible if they rarely use their medical coverage. Therefore, the plan would not be beneficial to them. Unfortunately, HSA’s are simply a band-aid to the main problem of the rising costs of health care. Health savings accounts do not take into consideration the rising costs; they only make the costs more bearable for certain