Clarity Benefit Solutions Shares Five Benefits of a Flexible Spending Account
NEW YORK, Oct. 14, 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 used by employees to pay for deductibles, co-pays, prescriptions, and other healthcare costs using pre-tax dollars. Clarity Benefits Solutions discusses five benefits FSAs provide in more detail.
1. FSA funds are pre-tax. Using an FSA can result in employees paying lower taxes, since employees are not paying tax on the monies they have set aside for the FSA. This will lower their tax brackets and increase their take-home pay.
2. FSAs pay for prescription and over-the-counter medications. Significant savings can be realized by paying for these medications with FSA funds. FSAs also reimburse for insulin.
3. FSA monies pay for medical equipment. FSA funds can be spent on equipment and supplies like crutches, walkers, bandages, and medical devices like blood sugar testing kits.
4. FSAs cost nothing to the employee. Employers set up FSA accounts, and employees need only to contribute a portion of their paycheck to pay for the expenses they qualify for.
5. There is a grace period for reimbursement. At the end of the year, a two-and-a-half- month grace period allows an employee to request reimbursement for that year's expenses.
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