NEW YORK, Sept. 24, 2018 /PRNewswire/ -- HSA administrators, Clarity Benefit Solutions, explains how to increase HDHP participation with its Ready for Life HSA.
Clarity's Ready For Life HSA is an HSA that offers all the benefits of a standard HSA, plus one unique advantage for employers and their employees: a built-in payroll advance to cover employees' unexpected medical expenses. It's instant and automatic, so employers can give their employees added peace of mind as well as the confidence that they can keep expenses under control. Employees must be registered for a High Deductible, High Premium Plan to be eligible for an HSA, so it is vital to communicate the numerous benefits of the Ready For Life HSA to employees. This will boost HDHP participation.
First, since Ready For Life is an HSA, it is a powerful, portable way to enjoy triple-tax advantaged savings that roll over from year to year, so employees can prepare for the future. By filling in the gap between an employee's HSA contribution and his or her deductible, it makes HDHPs more attractive—allowing employees to save money.
Ready For Life may also increase overall participation in HSA accounts. Ready For Life is a perfect tool for employers to help their employees transition to HDHP plans—while lowering their own costs. Employers decide the advance amount, eligibility, terms of repayment, and how to handle terminated employees with a balance.
This means that employees since do not have to tap into their checking account or use a credit card. This may make HDHPs more attractive to employees, which employers could use as leverage to attract fresh talent.
If an employee incurs a medical expense, but doesn't have the money in his or her HSA to pay for it, the employee uses the Ready for Life HSA (instead of a savings account or credit card). Ready For Life kicks in with an on-demand, interest-free payroll advance funded by the employer. The advance is automatically paid 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 the employer's payroll system (with built-in integration to the client's payroll provider).
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.
SOURCE Clarity Benefit Solutions