HSA Administrators, Clarity, Discusses Four Essential Elements to Consider When Choosing an HSA Administrator

NEW YORK, April 30, 2019 /PRNewswire/ -- HSA administrators, Clarity Benefit Solutions, discusses four essential elements to consider when choosing an HSA administrator.

With so many options to choose from, employers must do their due diligence when it comes to selecting an HSA administrator. The following are four essential elements to consider:

The HSA administrator's goals. Ask the HSA administrator what his or her business goals are. Employers should select an administrator whose objectives are in sync with the company's mission and objectives. If these goals aren't in line, the company could be negatively impacted. Make sure the administrator is committed to employee education so each employee can choose the best benefit options for their specific situation. An effective administrator will offer HSA information in a variety of formats—such as print, email, internet, and social media. The administrator should also provide updates to this information over the course of the year.

The amount of access the HSA administrator provides. Today's employees—particularly the younger generations—want access to their benefit information 24/7, at their convenience. To that end, an HSA administrator should offer an online platform that affords employees such access, with user-friendly decision-support tools that render the process seamless. Provide a debit card to further simplify the process, which will help result in a positive employee experience.

The level of support the HSA administrator offers. It is important to ensure that the HSA administrator does not disappear once the benefit information is disseminated. Employees are sure to have questions and concerns. An effective HSA administrator is readily available to address all scenarios to give employees peace of mind and satisfaction.

The diversity of information the HSA administrator shares. A savvy administrator realizes that HSA accounts are unique to each employee. He or she should make sure that employees have HSA options to choose from, such as an FDIC-insured, interest-bearing accounts with a number of investment account options to choose from.

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

Related Links

https://claritybenefitsolutions.com/solutions/clarity-hsa-administration

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