Elevating Employee Benefits with Underappreciated Savings Programs

 

We work closely with several providers to create benefits programs as unique as each employer. One of our trusted partners is Andy Rodriguez from Ameriflex. He's here to share a few of the go-to programs he encourages employers to consider. 

 

 

As a sales representative at Ameriflex, I have the privilege of engaging with employers eager to go beyond traditional health insurance to create a more enriching employee benefits experience. In today's competitive landscape, it’s essential for companies to differentiate their benefits offerings, and increasingly, savings programs are emerging as a vital component for supporting employees' financial wellness. When thoughtfully implemented alongside robust communication and engagement strategies, these programs can enhance employees' appreciation of their benefits.

 

In this article, I’m excited to explore some of the most valuable savings programs currently available, which can truly benefit both employers and employees.

 

 

A fundamental offering in a comprehensive benefits package is the Flexible Spending Account (FSA). This account empowers employees to allocate pre-tax dollars for medical expenses that aren’t typically covered by insurance, such as LASIK eye surgery, naturopathic treatments, acupuncture, and the routine expenses many of us incur throughout the year—like deductibles, co-pays, dental services, or even specialized eyewear like prescription sunglasses. It’s important to note that FSAs are designed to be used within the plan year, encouraging proactive planning by employees.

 

One of my favorite aspects of FSAs is the dependent care savings option, which enables working parents and caregivers to manage costs efficiently by using pre-tax income for expenses such as daycare and eldercare. This translates to a 20-30% tax savings, which can ease financial burdens for those balancing work and family responsibilities.

 

Health Savings Accounts (HSAs) are widely recognized and often spark numerous inquiries due to their remarkable tax advantages. For employees to access an HSA, employers must offer a qualified high-deductible health plan (HDHP). These accounts deliver true triple-tax benefits: Contributions are tax-deductible, funds grow tax-free, and withdrawals for qualified medical expenses incur no taxation. Additionally, employees can invest these funds, with balances rolling over year after year.

 

We have observed that employers who contribute to their employees’ HSAs often see increased engagement and satisfaction, especially since these health plans require participants to meet specific medical requirements before insurance coverage takes effect.

 

Often overlooked, commuter benefits present a valuable opportunity for employees to use pre-tax dollars to offset the costs of public transportation and parking for their daily commutes. While commonly associated with urban settings, this benefit can also support employees commuting from resort areas or neighboring communities. Think about the advantages of offering tax incentives for parking passes, particularly for organizations located in bustling downtown areas.

 

Crafting a wellness incentive program allows employers the flexibility to align their offerings with the company culture and philosophy. The possibilities are endless: From gym membership reimbursements and covering race fees to sponsoring nutritional education courses, these programs can cater to a variety of interests, promoting overall well-being and a healthier workplace.

 

These savings-focused benefits not only foster employees' financial well-being but also enhance their overall satisfaction, loyalty, and engagement with the company. Forward-thinking employers are increasingly adopting this strategic outlook, and it’s clear that incorporating these programs can provide a significant competitive advantage in attracting and retaining top talent.

 

Let’s work together to transform employee benefits into something exceptional!

 

At Ameriflex, we are devoted to helping employers navigate the implementation of these savings programs in an efficient and compliant manner. Our solutions are designed to be adaptable, consistently accommodating the diverse needs of each employer and their workforce. By integrating FSAs, HSAs, commuter benefits, and wellness incentives into their overall benefits package, employers create a more comprehensive and appealing offering for their employees.