The construction industry is steadily improving and workers are kept in with flexible healthcare benefits that sustain small businesses

Peoplekeep, Inc., xx-xx-xxxx, "Guide," No Publication, https://www.peoplekeep.com/health-benefits/construction

Construction spending is projected to exceed 1.45 trillion U.S. dollars in 2023 — up from the 1.29 trillion dollar value in 2018. Although the continued uptick is a good thing, many construction companies find it difficult to recruit skilled workers to meet the steady demand. This challenge is even greater for small- to medium-size business owners as they find themselves competing with large construction companies with deep pockets and traditional group health care packages. And with traditional group insurance comes participation requirements, administration complexity, and high costs that just don’t make sense for many of these smaller businesses. As a result, many construction companies are looking for other ways to reimburse their workers for health care. This is where a health reimbursement arrangement (HRA) can help your small construction business and here’s why. We understand that no construction project is the same and so small construction firms operate differently than most small businesses. That’s why we know flexibility is key to managing your cash flow successfully. An HRA is a good fit for a small construction company like yours as it offers the ability to offer tax-free money to its workers for health care expenses. Your small business can decide in advance the amount of money to contribute, with the flexibility of adjusting the amount based on budget constraints throughout the year. It’s great for your workers too as they have the flexibility to use the allowance to purchase the health insurance and services that best fit their needs. There are different types of HRA plans, each tailored for different types of businesses. You can learn what type of HRA may be best for your construction business here. Hire and keep top workers With construction workers spanning from baby boomers to millennials, Construction workers with a crane in the background offering a health benefit that works for all types of employees is crucial – especially when it comes to recruitment and retention. An HRA is appealing for all types of construction workers as it gives them the flexibility to choose the health insurance and eligible expenses that best suit them. The flexibility and cost savings inherent in these tax-free plans make HRAs a great recruiting tool as workers recognize its value and fairness, regardless of their age or situation. Simplify administrative processes. Running a small construction business can be administratively demanding. With massive amounts of records, regulations, and timelines to stay on top of it’s no surprise that work-life balance is especially tricky for small firms. Fortunately, adding an HRA through PeopleKeep doesn’t add more to a small firm’s administration burden. Both you and your employees can administer the HRA in just minutes a month through PeopleKeep’s easy-to-use, cloud-based software.