Ideally, I would like to offer a "bank" of $1000 for each employee. This money can be used for doctor visits, dental care, gym memberships, vitamins, prescriptions, etc. Am I allowed to do this, or is there a specific program or plan that I must follow? Any information is greatly appreciated!
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Yes, you are allowed to do this and yes, there are specific rules and regulations. Depending on your health plan you can set up an HSA, MSA, HRA, or FSA, among other less used plans. Here is the IRS publication with more information and links to more details about each type: http://www.irs.gov/pub/irs-pdf/p969.pdf
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