Why You Should Offer An Education Assistance Program
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 assistance 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.
Education 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
Source: SHRM
Optum Financial Education Assistance Program
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.
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 Optum Financial‘s Tax-Free Education Assistance Program 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.
Why Employers Should Offer a Dependent Care FSA
A tax-friendly Dependent Care FSA has a high value of return in the form of dependable care coverage for working families—whether employees require eligible care options for their children, or any dependents deemed incapable of caring for themselves. Employers, read our latest blog and put your dependent care knowledge to the test with a quick quiz.
