HSA Administration Company, Clarity Benefit Solutions, Offers Tips for Selecting the Right HSA Provider
NEW YORK, Nov. 13, 2019 /PRNewswire/ -- HSA administration provider, Clarity Benefit Solutions, offers tips for selecting the right HSA provider.
Health Savings Accounts (HSAs) are used 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). Navigating just how to choose the best provider can pose a challenge, as there are so many criteria. The following are some tips to help choose the proper HSA provider in order to maximize the benefits these accounts provide.
When choosing the proper HSA provider, consider if the provider offers user-friendly tools to manage and access the account. Providers should offer an online platform that will automate all functions so employees will stress less about selecting the proper HSA plan and have easy access to their information at their convenience. A debit card should also be available.
Employers should do their homework. Banks, insurance companies, credit unions, and many other financial institutions offer HSAs--each with their own specific policies and associated fees. Survey employees to determine wants and needs, then match them with the potential providers. Compare interest rates and be sure to make note of all of the fees. Common fees include a charge to open or close an account, obtain a paper statement, and account maintenance.
It is also important to ensure that the provider allows several options to utilize the money. Besides paying for an array of healthcare and medical expenses, some employees set aside these monies for retirement. If an employee plans on primarily using the account to pay for medical expenses, he or she will look closely at fees and interest rates. Those employees that wish to save this money to use for healthcare costs incurred in retirement will want a provider that offers a wide variety of investment options. Check to see if there's a minimum for investment options. Many HSAs that offer investment options typically allow employees to start investing once an account balance reaches $1,000.
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
