Private schools save big with high deductible secrets

Incentivizing Employees with Health Savings Accounts

To offset the higher out-of-pocket costs associated with HDHPs, many private schools offer Health Savings Accounts (HSAs) as part of the benefits package. HSAs enable employees to set aside pre-tax dollars for medical expenses, providing a financial cushion for healthcare costs. These accounts are not only tax-advantaged but also portable, meaning employees can take their accumulated savings with them if they leave the school. This feature can be a strong incentive for attracting and retaining talented staff in a competitive educational market.