Do your clients expect you to not only deliver recommendations for benefits programs, but serve as a literal extension of their HR departments by providing education and reducing costs? As stretched as most HR professionals are today, it’s most likely that your answer is, “Yes!”
Fortunately, there’s a solution that goes a long way towards meeting your clients’ seemingly insatiable needs: medical savings accounts such as health savings accounts (HSAs), health reimbursement arrangements (HRAs), and flexible spending accounts (FSAs.)
HSAs in particular are seeing an explosion in growth, with $75 billion currently in assets held among 20+ million accounts, reflecting an 11 percent year-over-year growth. Why are HSAs so popular? Because they allow consumers to save tax-deferred money, as well as make tax-free withdrawals for qualified medical expenses. For employers with consumer-directed health care plans (CDHPs), HSAs provide an important way for employees to save money for health care expenses now and into retirement, while helping to cut company-wide health care costs.
There are a number of HSA and HRA administrators in the marketplace, one of LeClair Group’s partners, Further, offers a strong portfolio of cost-saving accounts and has a robust set of educational materials.
Born out of a health plan, Further is dedicated to helping people understand their health care finance options and the impact of their choices. What’s more, the leaders behind Further are on a mission. They realize that most people need to withdraw from their Healthcare Savings Accounts on a regular basis, even though HSAs were originally designed as a retirement savings and wealth-building tool.
For brokers, this means that Further empowers your clients’ employees to take command of their healthcare with:
- A wide range of health spending products designed to help people understand how their health and money are connected
- Seamless implementation
- Comprehensive open enrollment support and a wide variety of educational tools and resources
- User-friendly technology that makes it easy for employers to gain insight into their company’s and employees’ health benefits
- Multiple reimbursement methods to simplify the payment process for individuals
- Award-winning customer support
- Point-of-purchase tools that give spenders confidence they’re using their dollars wisely
- Connections to employer and partner tools that are focused on a shared objective of helping spenders reduce costs and improve health
You have the opportunity learn more about HAS and HRA accounts, and how they can bring added value to your clients, during LeClair Group’s upcoming Health-A-Palooza conference, which will offer a breakout session on HSAs and HRAs.