Clarity Benefit Solutions Provides Three Ways to Increase Participation in Flexible Spending Accounts
NEW YORK, Aug. 29, 2016 /PRNewswire-iReach/ -- Clarity Benefit Solutions simplifies online benefit administration for brokers, employers, and consumers. The company's technology and services are designed to save time and lower the costs of managing benefits while also promoting employee self-service and automated ACA compliance
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Flexible Spending Accounts (FSAs) can be beneficial to your employees provided they understand how they work. Eligible expenses include costs associated with medical, dental, vision, orthodontia, and hearing products. Setting up a seminar to educate employees on how to estimate their eligible expenses for the upcoming year and how the money is deducted could be the first step in generating awareness. Emphasize that there are benefits tools like budgeting worksheets and care calculators that aid in determining an FSA's benefits. Clarity Benefits Solutions shares more three ways to increase employee participation in FSAs.
Emphasize FSAs are provided at no cost to the employee. Once your employees realize the benefits of an FSA, they are more apt to sign up. Let them know that they have access to all of the money in their account on day one, since it is prefunded. A portion of their paycheck will reimburse the employer throughout the year. Also, employers that offer a small FSA contribution to each employee can really boost satisfaction and participation
FSAs pay for all kinds of everyday expenses. FSAs will pay for a variety of medical, dental, and vision expenses. They even pay for items like sunscreen and contact solution, which is unusual for a health plan. Having this option adds to an FSA's flexibility in how funds are utilized.
FSAs can increase take-home pay. Money that an employee adds to his or her FSA is not subject to payroll taxes—which can lower your tax bracket and ultimately lower your annual income tax payments. Lowering your taxable income increases your take-home pay.
Clarity Benefit Solutions provides technology that makes the health insurance plan selection process fast, easy, and straightforward. For over two decades, we have provided clients with industry-leading technology, compliance, and exceptional customer service. Our offering is designed to save time and lower the costs of managing benefits while also promoting employee self-service and automated ACA compliance.
Media Contact: Calvin Clark, Clarity Benefit Solutions, 7324288272, firstname.lastname@example.org
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SOURCE Clarity Benefit Solutions