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How Small Eyecare Businesses Can Afford Medical Benefits for Employees

It’s about finding the right fit between valuable employee benefits and what’s financially feasible for our business.

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YOU ASKED: How do eyecare business owners find a way to afford medical benefits for a super small business — or, alternatively, set up an HRA for my small business?

WE ANSWER: It’s about finding the right fit between valuable employee benefits and what’s financially feasible. Let’s delve into Health Reimbursement Arrangements (HRAs) and traditional medical benefits to see what might work best.

Health Reimbursement Arrangements: HRAs offer a flexible approach to health benefits. You, as the employer, reimburse employees for medical expenses, including premiums for individual health plans, up to a set limit. This allows you to control costs while letting staff choose plans that suit their needs. It’s a win-win if your practice isn’t ready for the financial commitment of a group plan. HRAs are fully funded by the employer, making reimbursements tax-free for your employees.

Traditional Medical Benefits: Traditional medical benefits, or group health insurance, typically involve sharing the cost of premiums with your employees. This provides comprehensive coverage and simplifies the healthcare process for your team, offering them security and ease with copays and coinsurance for services.

Making a choice hinges on your practice’s needs and financial situation. Remember, offering health benefits should not jeopardize the financial health of your practice. HRAs can be a more budget-friendly option, providing flexibility in how much you contribute. On the other hand, traditional medical benefits can be a strong draw for attracting and retaining top talent, offering predictable costs and coverage.

If you’re unsure of your true financial standing or how to navigate towards offering medical benefits, reaching out to an accounting firm that specializes in eyecare practices can be a game-changer. They can provide greater insight into your business finances and help build a strategic plan to achieve your goal of offering medical benefits.

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