Why do some FSA plans have great employee participation, while others seem to garner little interest from employees? There is no stock answer to this question, but there are many factors that can cause participation to rise or fall. Focusing on just a few however can be the difference between “Wow! Our FSA plan is great!” and “Why do we even offer FSA’s?”
1. Flexible spending accounts can be complicated for new participants. Relying on group meetings for employee education can be a recipe for disaster.
2. Educating employees individually is a viable and powerful option for most organizations. You will be surprised by how many employees elect to participate in your plan when they are comfortable using an FSA.
3. Treat your FSA plan as an income producing source. A little bit of extra attention toward your plan can be the difference between $5,000 of annual tax benefits and $50,000!
If you would like to discuss the power of your FSA plan, feel free to call our offices any time… we’d love to hear from you.