FSA Administrators, Clarity Benefit Solutions, Shares 3 Tips for Increasing Flexible Spending Account Enrollment

Friday, February 15, 2019 General News
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NEW YORK, Feb. 15, 2019 /PRNewswire/ -- FSA Administrators, Clarity Benefit Solutions, shares tips for increasing enrollment

numbers for Flexible Spending Accounts.

Flexible Spending Accounts (FSAs) are a tool that employees can use to pay for eligible medical and dental expenses, or medical equipment such as crutches. When companies have low FSA enrollment numbers,

it's usually because employees don't know the full range of benefits of FSAs, or they are unsure of how they work. Regular communication that highlights the benefits is a good way to increase enrollment. Here are three specific tips for increasing FSA enrollment:

Highlight the Benefits. There are some important benefits of FSAs that your employees might not know; educating them might make the difference in their decision to enroll. Here are some benefits to regularly remind employees of:

  • FSAs are employer-sponsored, meaning the balance is accessible from day one. Over time, small amounts are taken from each paycheck to reimburse the employer.
  • FSA contributions are pre-taxed, so employees are taxed on less income and end up paying less in overall taxes.
  • FSAs can cover many over-the-counter drugs, as well as other commonly-purchased healthcare items. Encourage employees to browse the FSA store to see what items they can purchase.

Give Them Safety Nets. Remind employees about the carryover and grace periods associated with FSAs. People can carry up to $500 over to the next year, so there is no risk of losing money if the entire fund isn't used. Or, there is a grace period that extends past the plan end date. Individuals have a little over two months from the end date to use their funds from that year.

Communicate Often. The biggest reason why employees don't enroll in an FSA is for lack of understanding of the benefits and how the account works. Continually provide them tips, updates, and resources that steadily increase their knowledge and remind them of the benefits. It's important to communicate often, not just in the weeks leading up to enrollment. This gives people time to fully understand FSAs and ask any questions they may have.

About Clarity Benefit Solutions: Clarity Benefit Solutions FSA Company 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.

 

Cision View original content:http://www.prnewswire.com/news-releases/fsa-administrators-clarity-benefit-solutions-shares-3-tips-for-increasing-flexible-spending-account-enrollment-300792515.html

SOURCE Clarity Benefit Solutions



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