FSA Company, Clarity Benefit Solutions, Shares the Voluntary Benefits Companies Should be Offering this Week

NEW YORK, Feb. 4, 2020 /PRNewswire/ -- FSA company, Clarity Benefit Solutions, shares the voluntary benefits companies should be offering this week.

When it comes to benefits, most employers have the basics covered. Medical, dental, vision, and disability coverage is typically taken care of. That said, it is also important that employers offer voluntary benefits that address the additional aspects of life that will leave employees with a feeling that their physical and emotional well-being is important to their employers.

Both Flexible Spending Accounts (FSAs) and Health Savings Accounts (HSAs) are voluntary benefits that allow employees to pay for various healthcare costs. FSAs pay for co-pays, deductibles, and specific drugs. HSAs allow employees to contribute pre-tax money through payroll deductions to pay for health expenses such as deductibles, co-pays, prescription drugs, and vision and dental expenses.

Dependent Care Flexible Spending Accounts allow employees with dependents to utilize pretax dollars to pay for a multitude of qualified expenses associated with caring for a child, spouse, disabled parent, or any other dependent who is unable to care for themselves. They can also be used for any licensed daycare, nursery school, private preschool, or adult care facility as well as nannies.

Companies that are located in urban areas should consider adding commuter benefits plans to the list of voluntary benefits. These plans allow both employers and employees to pay for a multitude of commuting expenses in the following ways—a pre-tax, employee-paid payroll deduction; a tax-free, employee-paid subsidy; or a combination of the two methods. Employees can then use public transportation, carpool, or bike to work.

Employers should also strongly consider offering their employees the following voluntary benefits: accident insurance, critical illness insurance, cancer insurance, hospital indemnity insurance, and Medigap insurance for the baby boomer generation. Newer voluntary benefits that will especially appeal to the younger generations include the following: student loan assistance, telehealth, specialty drugs, drug rebates, and personal finance planning. Unfortunately, the younger generations are drowning in student loan debt, so there are abundant opportunities for employers to ease the minds of their younger workforce.

Employee purchase programs are also an important voluntary benefit that will allow employees to pay for something they may require immediately yet may not have the capital—or credit—to make the purchase. An unforeseen medical emergency or an unexpected purchase may result in an employee tapping into their 410(k) plan or accruing credit card debt. Offering employee purchase programs permit employees to spread out the payments on purchased items over a specific period of time through payroll deductions

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.

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SOURCE Clarity Benefit Solutions