When a boutique law firm with 25 employees approached WiseInvest™, they were drowning in the rising costs of a traditional extended health insurance plan. Despite paying premium rates—nearly 40% higher than a basic plan—their attorneys and staff still felt shortchanged: limited coverage meant out-of-pocket expenses piled up quickly, fueling complaints and low morale.
The Problem
- High Premiums, Limited Use
Extended health insurance was draining the firm’s budget, yet employees weren’t getting the comprehensive coverage they expected. - Unhappy Employees
Team members struggled with coverage limits and complicated claim procedures, leading to frustration and turnover concerns.
The Solution: A Health Spending Account (HSA)
After reviewing their situation, our WiseInvest™ advisor recommended transitioning to a health spending account. Here’s why:
- Tax-Free Reimbursements
Employees could pay for their own medical or dental services and get reimbursed tax-free—giving them far more control over their healthcare spending. - Tailored Benefits
Unlike a one-size-fits-all policy, HSAs allowed staff to put funds exactly where they needed them most, addressing individual or family needs. - Reduced Costs
The firm discovered that HSA benefits for employees often cost significantly less than traditional group plans, cutting monthly expenses by nearly 30%.
The Results
Within just a few months, the law firm witnessed a dramatic uptick in morale. Staff embraced the flexibility of the health benefit account, expressing greater satisfaction with the firm’s overall benefits package. Meanwhile, management was thrilled to see fewer billing surprises and lower healthcare overhead.
If you’re ready to optimize your employee benefits and reduce costs, contact WiseInvest™ today to explore how an HSA could revolutionize your business’s healthcare strategy. It’s time to give your team control over their health, without breaking the bank.
*Note: For privacy reasons, the names and nature of our clients’ businesses have been changed.
Our Process
UNDERSTANDING YOUR NEEDS
Discovery Phase
We start by listening, getting to know your goals, challenges, and opportunities. This is where we lay the foundation for a strategy that truly fits you.
1
DESIGNING A TAOLORED PLAN
Planning Phase
With a clear picture of your needs, we craft a customized plan designed to grow, protect, and transfer your wealth efficiently.
2
BRINGING THE PLAN TO LIFE
Implementation Phase
We put the strategy into action, ensuring everything is executed smoothly and effectively. We're with you every step of the way.
3
STAYING ON TRACK
Review Phase
Life changes, and so should your plan. We conduct regular reviews to adjust and refine your strategy, keeping you on course toward your financial goals.