Nora is the founder of a small tech company, specializing in wearable technology for senior home healthcare and monitoring. After several years, Nora has developed an amazing team of innovative and dedicated employees, so she knows she needs to stay competitive with a company extended health and dental benefits program. The staff love their benefits plan, especially the massage therapy, and use up the $500 maximum every year for that particular service. However, this also means that the costs for Nora go up every year.
Instead of cutting back the benefits, Nora enrolls the company into the Health and Wellness Spending Account program. With the new program, each employee now has $2,000 to spend on any combination of services, there are more specialties to choose from (such as acupuncture), and there are no restrictions such as deductibles, co‑insurance, or per‑visit maximums. The employees are much happier and, best of all, the costs have gone down for Nora’s company benefits program!