NEW YORK, Oct. 24, 2018 /PRNewswire/ -- Clarity Benefit Solutions offers four tips for making the case about HSAs toemployees.
Health Savings Accounts (HSAs) provide many advantages to employees who participate in them. An employee must already be enrolled in a High Deductible Health Plan (HDHP) to be eligible for an HSA. Employees may not be aware of the
Define HSAs in the simplest of terms. Employees have enough on their plates juggling their careers and personal lives without having to worry about trying to comprehend technical jargon associated with their benefits. It is vital to explain HSAs in plain language, providing a general overview of what an HSA is, what it is used for, and its benefits.
Explain exactly how HSAs work. Once employees are versed in the basics of an HSA, it is time to provide more details. Typically, the employee contributes a certain amount of money per pay period, with the funds being automatically withdrawn and deposited from their paycheck. Employees will then receive a debit card connected to the account. This card can be used for eligible medical expenses. Inform them that The HSA contribution limit (the company plus the employee) contribution limit is $3,450 (self only) and $6,900 for a family.
Outline HSA employee benefits. Explain to employees the myriad of advantages HSAs offer: contributions are tax-deductible, withdrawals are tax-free, interest earned on HSAs is tax-free, and HSA funds are immediately accessible to employees. Emphasize to employees that any unused HSA monies can be rolled over to the following year—with no maximum carryover amount. HSAs can also be used to set aside money for medical expenses incurred in retirement. In that way, an HSA can act as a traditional Investment Retirement Account (IRA).
Enable employees to make the right HSA decision. Providing employees with the support they need to make the right decision for their individual situation should help boost enrollment. Crunch numbers and provide real-life success stories to make the decision process easier.
About Clarity Benefit Solutions: Clarity Benefit Solutions HSA Administrators 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.
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SOURCE Clarity Benefit Solutions
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