HSA Administrators, Clarity Benefit Solutions, Discusses a New Way to Promote HSAs

NEW YORK, Dec. 13, 2017 /PRNewswire-iReach/ -- HSA administrators, Clarity Benefit Solutions, discusses a new way to promote HSAs.

HSAs and FSAs are popular ways for employees to supplement their HDHPs. Now, there is a new HSA on the market—the Ready For Life HSA from Clarity. This HSA offers all the benefits of a standard HSA, plus one unique advantage for your clients and their employees: a built-in payroll advance to cover employees' unexpected medical expenses. Since it's instant and automatic, your clients can give their employees added peace of mind and the confidence that they have a handle on their expenses. It works like an FSA—only better!

Since Ready For Life is a type of HSA, it is a powerful, portable method to realize triple-tax advantaged savings that roll over from year-to-year, providing your client's employees with the ability to prepare or the future. Plus, HDHPs become more attractive because Ready For Life fills in the gap between an employee's HSA contribution and his or her deductible. This also allows your clients to save money. Ready For Life may also increase overall participation in HSA accounts and is a perfect tool for your clients to help their employees transition to HDHP plans while lowering their own costs. Your clients have the opportunity to decide the advance amount, eligibility, terms of repayment, and how to handle terminated employees with a balance.

As brokers, it is imperative to communicate clearly how Ready for Life works. If an employee has a medical expense, but not enough money in his or her HSA to cover it, the employee uses the Ready for Life HSA (instead of a savings account or credit card). Then, Ready For Life kicks in with an on-demand, interest-free payroll advance funded by the employer. The employee automatically pays the advance back through small, sustainable deductions from the employee's paycheck—just a few dollars each pay period. Clarity automates the entire payback process by creating an employee paycheck deduction in your client's payroll system (with built-in integration to your client's payroll provider).

Employers receive benefits from this new type of HSA. It helps them make high-deductible plans more compelling, and shows they care about their employees in a uniquely powerful way. It can serve as an excellent way to attract new talent and improve employee retention.

About Clarity Benefit Solutions: 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, 732-428-8272, cclark@claritybenefitsolutions.com

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SOURCE Clarity Benefit Solutions



Insurance, Human Resource & Workforce Management, Health Care & Hospitals

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