FSA Administrators, Clarity Benefit Solutions, Provides Four Ways for Increasing Enrollment in Flexible Spending Accounts

NEW YORK, Nov. 17, 2017 /PRNewswire-iReach/ -- FSA administrators, Clarity Benefit Solutions, provides four ways for increasing enrollment in Flexible Spending Accounts (FSAs).

FSAs allow your client's employees to pay for eligible expenses such as costs associated with medical, dental, vision, orthodontia, and hearing products. The first step to increase enrollment in these programs is to educate employers on exactly how they work, so they can pass this information along to their employees. Here are four ways to do just that.

Emphasize FSAs are employer-funded. Once employees realize that their employer sets up the FSA, and they simply need to contribute a portion of their regular paycheck to pay for their qualified expenses, they will be more likely to sign up. Let them know that they have access to this account on day one since it is prefunded. A portion of their paycheck will reimburse their employer throughout the year.

Highlight the fact that FSA funds are not pre-taxed. Employees who have an FSA will pay 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.

Inform clients that FSAs pay for prescription and many over-the-counter drugs. In addition to paying for prescription medication, FSAs will also pay for certain over-the-counter drugs, which is unusual for a health plan. This incredible option adds to an FSA's flexibility in how funds are utilized. Insulin is another FSA-eligible expense.

Relay that big expenses can be paid off over time. If an employee uses all his or her FSA funds for the year in one day, he or she is immediately reimbursed, then may pay allocations throughout the year. This means that incurring a big expense at the beginning of the year lets employees have ample time to pay off that expense. Also, 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.

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.

Media Contact: Calvin Clark, Clarity Benefit Solutions, 732-428-8272, cclark@claritybenefitsolutions.com

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SOURCE Clarity Benefit Solutions



2017

Tags

Insurance, Human Resource & Workforce Management, Health Insurance, New Products & Services



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