Education Assistance Programs

Education Assistance Programs 2018-06-14T11:45:12+00:00

Why You Should Offer Education Assistance Benefits

According to a Lumina Foundation survey, only 11% of employers think graduating students have the skills that their businesses need. Companies need to find a way of close talent gaps.

The same study found that Cigna was able to save $1.29 in talent management costs for each $1 the company put into its education reimbursement program. Program participants were also found to be more likely to stay at the company and to be promoted.

Additionally, the Society for Human Resource Management’s (SHRM’s) 2017 Employee Benefits survey report, found 53% of organizations now offer undergraduate education assistance and 50% offer post-graduate education assistance.

Educational assistance programs can therefore help employers create a more capable, loyal workforce as well as remain competitive in terms of employee recruitment and retention.

Maintain a competitive edge in employee recruiting

0%
of employers now offer an undergraduate education assistance program

Source: SHRM

ConnectYourCare Education Assistance Solution

We make it convenient for your company to pay for all of part of an employee’s cost to attend college or university classes with tuition reimbursement.ConnectYourCare’s Education Assistance program helps employees pursue their educational goals with quick and easy tax-free expense reimbursements.

Account Features and Benefits:

  • Flexible Program Coverage: Employers have the option to set dollar limits up to the IRS’ annual limit of $5,250 per year to cover education assistance expenses for eligible employees. Submission of grade attainment, such as earning a “C” or above, may also be set in order for employees to qualify for reimbursement.

  • Reimbursements Made Simple: Reimbursement requests are submitted online or through our mobile app. Employees can conveniently upload documentation from a smartphone camera or other device.

  • Tax-Advantaged Savings on Education: Tax-free benefits may include payments for tuition, fees and similar expenses, books, supplies, and equipment. Education generally includes any form of instruction or training that improves or develops an employee’s capabilities. Employers may restrict coursework to work-related or career advancement programs.

Request a Quote

Convenience Employees Love

Online participant portal and mobile app

Rapid reimbursements via direct deposit

Easy documentation submission

24/7/365 U.S.-based customer service

How CYC Tax-Free Education Reimbursement Works

  • Employees pay for qualified education-related expenses with personal funds.

  • They submit claims and upload necessary documentation through the participant portal, mobile app, mail, or fax.

  • Participants receive payments quickly with expedited claim approval and reimbursement.

  • That’s it! If they ever have a question or need help, we’re just a phone call away, any time, every day – even on holidays.

  • Employees achieve their educational goals while employers reap the benefits of having a talented, satisfied workforce.

Ready to Improve Benefits? We’re Ready to Help

Contact Us to Get Started
ConnectYourCare Newsletter Icon

Get Benefits Tips from the Comfort of Your Inbox