HSA Administration Company, Clarity, Discusses Five Essential Elements to Consider When Choosing an HSA Administrator

NEW YORK, Dec. 31, 2018 /PRNewswire/ -- HSA administration company, Clarity, discusses five essential elements to consider when choosing an HSA administrator.

Choosing an HSA administrator is not a decision that should be taken lightly as there are numerous factors to be taken into consideration to ensure the right fit. Here are five.

The administrator's business goals. It is important to choose an HSA administrator that aligns with the company's mission and objectives. If both parties aren't on the same page, it can have a negative impact on both company brand and employee satisfaction.

The amount of education the administrator offers. An HSA administrator must make employee education a top priority, so each employee is able to make the best decision possible for his or her situation and maximize those benefits. An effective administrator should offer engaging information in several formats, such as print, internet, and social media, and provide updates to this information throughout the year.

The account access the administrator allows. An effective HSA administrator will utilize an online platform with decision support tools to make the enrollment process seamless and allow employees 24/7 access at their convenience. An administrator offering such a platform can help guarantee that claims flow seamlessly between accounts, even when circumstances change over the years. Additionally, employees will want to access their funds with familiar, convenient methods, such as debit cards. A robust mobile application will also result in a positive employee experience.

The level of support the administrator provides. Once employees have been presented benefits information, they are sure to have many questions. An HSA administrator should not only be prepared to answer those questions, but also provide superior customer service and account management. Once again, the more knowledge employees have about their accounts and their potential, the more satisfied employees will be.

The account diversity the administrator presents. Since HSA accounts are not one-size-fits-all and typically fall into the spenders, savers, and investors categories, an HSA administrator should offer an FDIC-insured, interest-bearing cash account—along with an integrated HSA investment account option—to meet all employee needs.

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.

SOURCE Clarity Benefit Solutions