NEW YORK, June 21, 2018 /PRNewswire-iReach/ -- FSA administrators, Clarity Benefit Solutions, offers tips for increasing FSA enrollment.
Flexible Spending Accounts (FSAs) allow employees to pay for a variety of medical expenses, including costs associated with dental, medical, vision, orthodontia, and hearing products. To increase enrollment in FSAs, clearly outline to employers, as well as employees, how FSAs work so they can make an informed decision. The following are four tips to increase FSA enrollment.
Explain that FSAs are employer-funded. Employers set up FSA accounts, and employees simply need to contribute a portion of their regular paycheck to pay for their qualified expenses. They need to sign up before gaining access to the account. Employees may start using the account on day one since FSAs are prefunded. A portion of the employee's paycheck will reimburse their employer over the course of the year.
Relay that FSA funds are not pre-taxed. Employees who have an FSA account pay lower taxes because they are not paying any tax on the monies they have set aside for their FSA. Plus, they will lower their tax brackets and increase their take-home pay.
Inform employers and employees that FSAs pay for both prescription and many over-the-counter drugs. In addition to paying for prescription medications, FSA accounts will also pay for certain over-the-counter drugs, which is not typical for a health plan. This extraordinary option allows an FSA to be more flexible in how FSA funds are utilized. Inform employers and employees that insulin is an FSA-eligible expense.
Highlight the fact major expenses can be paid off in time. If an employee uses all his or her FSA funds for the year in a short time span, he or she is immediately reimbursed. They can then pay allocations over the course of the year. If they incur a big expense at the beginning of the year, they have ample time to pay it off. Also, at year's end, 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, 7324288282, [email protected]
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