HSA Administration Company, Clarity Benefit Solutions, Shares How Companies Are Raising the Stakes for HSAs

NEW YORK, Jan. 8, 2019 /PRNewswire/ -- HSA administration company, Clarity Benefit Solutions, shares how companies are raising the stakes for HSAs.

Employees use Health Savings Accounts (HSAs) to pay for current and future health care expenses. Employees are eligible for an HSA when they are covered by a High Deductible Health Plan (HDHP). Some forward-thinking companies are raising the stakes for HSAs so employees can maximize the benefits these plans offer.

Some companies are scrapping traditional health insurance plans and opting to offer employees HDHPs only. This bold move actually decreases healthcare premiums, so health insurance is more affordable to all employees. Employers are offering numerous financial incentives to spur increased use of these accounts. A few companies are also sweetening the HSA pot by matching employees' contributions to the plans, while others craft HAS plans in specific ways to make them the most attractive plans to employees. Some employers will offer direct payments or make a contribution to employees' HSAs to entice them to enroll in HDHPs and thus be eligible for an HSA.

Other employers are educating employees about utilizing HSAs as retirement plans in the hopes that employees will realize the long-term benefits of HSAs. Employees are not required to use their HSA funds, so they have the ability to grow over the years. Employees can use these funds to pay for medical expenses incurred in retirement. Since all these monies are exempt from payroll taxes and are tax-deductible, the funds grow tax-free. HSAs are also owned by employees, so there is no worry about getting a new job. As long as they are registered in an HDHP, they have access to their HSA. These employers agree that employee education is paramount, and stress to keep the message as simple as possible.

These progressive employers contend that HSAs make employees better proponents when it comes to their health and smarter about managing their money—which will result in happier, healthier, and wealthier employees in the long run.

About Clarity Benefit Solutions: Clarity Benefit Solutions HSA Administration 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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Calvin Clark
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SOURCE Clarity Benefit Solutions