NEW YORK, Sept. 14, 2018 /PRNewswire/ -- HSA administration company, Clarity Benefit Solutions, offers tips for increasing HSA enrollment.
Health Savings Accounts (HSAs) are advantageous to employees, but they might not aware of these numerous benefits. Here are some ways to increase enrollment in HSAs.
Open the lines of communication. Brokers and employers must share HSA plan details in numerous formats, as employees represent a cross-section of generations. Booklets and pamphlets, flyers, posters, webinars, emails, texts, internet/intranet, social media platforms, and apps are all viable methods to communicate HSA information. Use simple yet clear language and colorful graphics to convey the information. Communicate this information throughout open enrollment.
Add a personalized touch. While print and online communication is vital to deliver critical information about HSAs, it is also important to meet personally with employees. Hold meetings to drive home the numerous benefits HSAs have to offer—such as their tax advantages and versatility. Make it a breakfast or lunch meeting to boost attendance and allow for plenty of question and answer time.
Promote HSA benefits. Highlighting the many benefits that HSAs offer employees will make them an attractive prospect. Emphasize the following: employees can contribute their pre-tax money (through payroll deductions) to pay for health expenses like deductibles, co-pays, prescription drugs, and dental/vision expenses; the employee has access to the money as soon as it is placed in the account; and the employee can change the contribution amount at any time. Plus, the HSA will follow the employee from company to company, provided he or she also has a High Deductible Health Plan (HDHP).
Lend continual support. Brokers should realize that even though an employee may elect to enroll in an HSA, they still need to provide ongoing assistance throughout the course of the year. Provide online resources that employees can access at their convenience, with links to information such as eligible expenses, frequently asked questions, and an HSA calculator.
Provide decision-support tools. Decision-support tools, including financial well-being tools, will assist employees with calculating tax effects, as well as estimate both current and future health care costs, and longevity needs to determine at what age they can achieve financial independence.
About Clarity Benefit Solutions: Clarity Benefit Solutions provides technology that makes the health insurance plan selection process fast, easy, and straightforward. For over two decades, we have provided clients with industry-leading technology, compliance, and exceptional customer service. Our offering is designed to save time and lower the costs of managing benefits while also promoting employee self-service and automated ACA compliance.
SOURCE Clarity Benefit Solutions