Jay Sachetti joined Jeff O’Brien, partner at Husch Blackwell and Dyanne Ross-Hanson, president of Exit Planning Strategies talked about the market for mergers and acquisitions, exit planning opportunities for companies that don’t end up for sale and how companies can maximize their eventual sale price during an early October panel at the first Upsize on Tap event at Summit Brewing Co. in St. Paul.
When the state Legislature passed a law requiring employers to provide paid leave and safe time for employees, Justin Bieganek started hearing differing details from friends, colleagues and peers.
New Health Savings Accounts called Engage is boosting sales at Associated Financial Group, says Mickey Webb, vice president of employee benefits at the Minnetonka unit, which was purchased by Associated Bank of Wisconsin last year.
“There’s much more interaction on this product” compared with similar health insurance offerings in the past, such as defined contribution plans, Webb says.
“I feel there are more wins for the employers and the employees with a Health Savings Account,” she says. “For employers, there are cost savings and budget control. For employees, there are cost savings, and more control over their spending.”
Associated started selling Engage in July, along with many other players who developed products after federal legislation authorized them in December 2003. For example, HealthPartners of Bloomington has rolled out its product, called Empower.
A Health Savings Account consists of a high-deductible health insurance plan linked with a savings account that has tax advantages. HSA funds can be used for health expenses not covered by insurance.
They are different from flexible spending accounts in several ways, Webb notes:
• The money can be rolled over from year to year, and HSA balances move with an employee who changes jobs.
• Unused balances accumulated at retirement can be used for retirement income, like an IRA, or for long-term care costs.
Mickey Webb, Associated Financial Group: 952.945.0200; www.associatedbank.com
