As consumer-driven benefits continue to rise in the market, so the options for benefit administrators continue to expand for employers. Carriers, banks, HR software companies—it seems that more and more providers are adding FSA and HSA administration to their list of services. With so many choices, it can be difficult to decide who to trust with your pre-tax benefits, but in this dynamic, complex benefit world, it’s more important than ever to have a provider that offers stability, compliance expertise, security, and personalization.So who fits the bill?
For years, independent benefit administrators have thrived as the experts in the pre-tax industry. With the flexibility to administer even the most complex plans and the ability to provide unmatched compliance assurance for both employers and employees, independent administrators provide a complete benefits experience that others in the industry cannot.
Here are five reasons why you should consider an independent benefits administrator for your FSA, HSA, or HRA administration services.
It’s simple: when your health insurance carriers change, independent benefit administrators don’t. Ask any Human Resources department, and they will tell you about the pain that comes with evaluating the options for health insurance carriers each plan year, as well as the work required to transition to a new carrier offering more competitive rates.
Bundling your pre-tax plans with your health insurance puts more of your benefits in a position of inevitable transition. With an independent benefit administrator, however, your FSA and HSA can remain stable and unaffected, even as insurance plans change. That’s why so many employers choose 24HourFlex as their benefit administrator, with 91% of employer groups returning each year (as of Jan 2018), several of whom have been with us for over a decade.
Pre-tax benefit administration is our core efficiency. It’s what we do best. It’s what we’ve been doing best for over 30 years. That’s what you get when you choose an independent benefit administrator: the FSA and HSA experts.
Choosing the experts to administer your pre-tax benefits is only valuable insofar as that knowledge is made accessible to you. At 24HourFlex, each employer is assigned a dedicated account manager who communicates directly and consistently to that group about their specific plans, helping them understand the ACA and its implications and make decisions that are both beneficial and compliant.
With an independent benefit administrator, you can also expect greater assurance of compliant consumer spending. At 24HourFlex, we provide a complete and thorough claim adjudication process, having eyes on all claims that come through our system while still processing 99% of FSA claims within 24 hours. No shortcuts. Just expert administration.
By keeping your FSA and HSA together at one independent administrator, you can simplify the user experience and minimize confusion about account usage. No matter how many different plans your organization offers, 24HourFlex provides a single debit card for them all. No separate cards for an FSA and an HSA—participants can swipe their card and see account balances update in real time for the applicable account(s) across all online and mobile platforms.
Plan Design and Customization
While insurance carriers may claim to provide full customization of benefit plans, they can be restricted by systems that only process claims for pre-determined products. With an independent benefit administrator, you can design a plan to your exact specifications. Even the most complex HRA plans can be supported by the 24HourFlex system--plus, we'll help customize educational materials to match your plan design, making sure that your employees clearly understand their benefits.
A Personal Touch
It’s not just business; it’s personal. When it comes to benefits, having someone to whom you can reach out and get a helpful and timely response is vitally important, both for employers and consumers. With an independent administrator, you move away from impersonal ticket systems and all-purpose call centers and toward a service model that puts your needs first.
For 24HourFlex employers, that means picking up the phone calling the direct line of their dedicated account manager, each of whom has years of experience and extensive knowledge of the intricacies of their specific benefits. For 24HourFlex consumers, that means live chatting, emailing, or calling a member of our 100% U.S.-based customer support team and experiencing average hold times of less than a minute (even at the busiest times of year) and getting an answer upon first contact.
It’s saved time, money, and hassle for you, giving you more opportunity to focus on what is most important to you.
Interested in having 24HourFlex be your independent pre-tax benefit administrator?
We’d love to talk with you about your needs.