You’ve planned your 2019 open enrollment, created a communication program and worked closely with employees to encourage them to enroll in the HSA-qualified health plan and open an HSA. As a benefit professional or business owner, you’ve done everything possible to increase participation. More employees enrolled in the HSA plan, but some of them have yet to open the HSA.
Why does this happen? There is considerable agreement among benefit industry experts that the main reason is a lack of understanding around the HSA, including how the account works and what the benefits of having the account are. There are several messages than can increase participation, many of which involve educating and explaining HSA benefits.
Key HSA Messages to Share with Employees
An HSA can be opened at any point throughout the year so it's worth sending HSA communications throughout the year. And remember to talk dollars and sense. Concrete estimates on tax savings, growing the account and how special the triple tax savings can benefit employees are all powerful messages that shouldn’t be ignored. And don't be afraid to repeat messages. This can be an effective way to reinforce key messages.
Some planning and education can go a long way toward increasing the participation in your company’s HSA-qualified health plan. The key is to communicate early in the process and continue the effort throughout the year.
When Bend’s founding team designed the Bend HSA, it was our goal to disrupt the industry by creating an HSA administrator that uses technology to vastly improve service and make the experience better and more effective for our clients. Our offering uses the latest technology to provide the greatest benefits, make it simple to use and educational for employees
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