Leader in HSA companies, Clarity Benefit Solutions, shares tips for increasing HSA participation.
Employers need to educate their employees on the many reasons why Health Savings Account (HSA) participation is an extremely popular employee benefit that also yields numerous benefits for their business. The following are tips employers should implement to increase participation in HSA accounts.
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First, employers need to make the participation process painless. This is where automated software platforms come into play. When the HSA enrollment process is automated, the entire process is seamless. Automatic payroll deductions as well as employee access 24/7 are just some of the perks that employees can take full advantage of. Employees should be able to access their information from the comfort of their own home—on their choice of device—whenever it is convenient for them. This software can also link to the employee’s banking information and recommend contribution amounts, which takes the guesswork out of the process, which can transform HSA non-funders into program investors.
Then, employers should employ a multi-faceted approach, especially when it comes to reaching multi-generational employees. Employers should deliver HSA information in an array of formats such as website, email, social media platforms, brochures and flyers, and webinars. This is the best way to reach every employee. Employers should also consider enlisting an employee who has a compelling success story to share about how utilizing an HSA resulted in a win-win situation in addressing a medical challenge. Common examples can also be cited, such as stocking the medical cabinet with over-the-counter medications or purchasing sunscreen for an upcoming vacation.
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It is also important the employers emphasize the tax benefits of having an HSA. HSA accounts allow employees to contribute pre-tax funds to pay for a multitude of health expenses—ranging from deductibles, co-pays, vision/dental expenses, and prescription drugs.
Finally, promoting a unique HSA advantage may be just the hook to garner more plan participants. The Clarity Ready for Life HSA is a payroll advance that presents employees with overdraft protection—both at point of purchase and advanced funds if necessary. Employees that have a Ready for Life HSA can receive help with covering large, unexpected medical costs. Then, they can pay the funds back through small, automatic payroll deductions.
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