NEW YORK, Nov. 20, 2017 /PRNewswire-iReach/ -- HSA administrators, Clarity Benefit Solutions, shares ways to help employees prepare for the unexpected.
Health Savings Accounts (HSAs) and Flexible Savings Accounts (FSAs) are both great ways for employees to pay for a multitude of health expenses such as deductibles, co-pays, certain drugs, and other healthcare costs. Additionally, the monies set aside for these accounts are pre-taxed.
There is also a unique HSA, exclusive to Clarity Benefit Solutions, that helps employees prepare for medical emergencies. The Ready For Life HSA covers employees' unexpected healthcare costs with a built-in payroll advance. It's instant and automatic, so your employees can enjoy peace of mind and the confidence that they can keep expenses under control. 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). 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.
Ready For Life means that employees do not have to tap into their checking account or use a credit card. The entire payback process is automated by creating an employee paycheck deduction in your payroll system. Businesses also benefit. Ready For Life not only helps employers make high-deductible plans more compelling, it shows that employers care about them in a uniquely powerful way and are willing to provide them with a safety net. Forward-thinking employers realize that this the future of healthcare that also serves as an excellent way to retain employees. As employers, you decide the advance amount, eligibility, terms of repayment, and how to handle terminated employees with a balance.
Since Ready For Life is an HSA, it is a powerful, portable way to enjoy tax-advantaged savings that roll over from year to year, so employees can prepare for the future. It 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.
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, [email protected]
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SOURCE Clarity Benefit Solutions
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