If you’re a business owner, you’ve seen the slogan everywhere: “A business is only as good as its employees.”

It may be a cliché, but that doesn’t make it any less true. Successful companies are able to attract—and retain—top talent across the organization. Without quality employees, it’s difficult for any company to be successful.

Competition is fierce for the market’s top jobseekers, but one surefire way to distinguish your company from the others in this battle is by enhancing their health benefits. By incorporating a robust health savings account (HSA) for your employees, your business is able to offer employees a pathway to greater savings for medical costs and better financial decision making.

Of course, not all employees are the same—and neither are their health savings needs. In fact, there are four different types of HSA users:

Non-Funder – funds HSA only when needed
Spender – uses HSA as a spending account
Saver – grows HSA dollars for costs that may arise
Investor – invests HSA funds and pays for healthcare out-of-pocket

It’s also fair to say that not all HSA plans approach employees the same way. In order to maximize employee engagement, it’s imperative to choose the right employer-sponsored HSA plan that has both the capabilities and the flexibility to benefit all of your employees. Check out our infographic about how employees use HSAs.

Easily identifies eligible expenses

A recent survey found that most employees are not optimizing their health savings account contributions or savings accumulations, and nearly one in four said they don’t have enough money to contribute.

When it comes to HSAs for employees, increasing engagement helps increase overall satisfaction and promotes cost-conscious behavior.

With an HSA plan that proactively and automatically identifies eligible expenses by linking employees’ personal bank accounts to their HSA, there’s no need to prefund the account. Instead, the entire contribution process is simplified for your employees, helping more of them both set up their HSAs as well as reap the rewards of active HSA participation.

Uses innovative technologies

The benefits of setting up an HSA for employees are wide-ranging, but so are the ways in which employees use them. Whether it’s a financial vehicle primarily for saving on medical costs or a retirement tool for the future-minded investors, an HSA’s value is diverse and comprehensive.

To meet the needs of your employees, an HSA plan that incorporates artificial intelligence (AI) will help more of your employees achieve their preferred goals.

Research shows that nearly half (49%) of Americans are confused by or have questions about how HSAs work and how to best use these accounts to maximize tax savings. An HSA platform that leverages AI and machine learning provides employees with personal, timely advice to manage their health savings based on their own unique needs and behaviors.

AI will help the HSA best understand how your employees want to use the account, and then work to help make that vision a reality.

Proactively engages employees

HSAs typically just sit in the background, waiting to be contributed to by the employee or drawn on to reimburse the employee. This reactionary kind of relationship can put an employee’s HSA at risk of not being optimized as a medical savings vehicle or for retirement and investing.

Implementing an HSA plan that is proactive – rather than reactive – will help ensure your employees are experiencing ongoing positive behavioral changes when using their HSA.

Timely nudges or messages, especially as specific employee behaviors are learned, will be incredibly impactful in helping your employees maintain consistent and optimal financial savings from their HSAs.

The Bend Difference

 When thinking about how to set up an HSA for your small business or enterprise, it’s as important to understand your employees’ needs as it is HSA rules.

Whether they’re saving for a rainy day or are planning for retirement, you’ll want to choose the right HSA plan that has the features, capabilities and flexibility to benefit all your employees.

Bend HSA leverages advanced technologies for a more targeted and effective experience for every kind of HSA user. With a unique platform that simplifies the contribution process and also proactively learns about and engages with your employees, Bend meets your employees where they are and guides them on their path toward long-term financial health.

View our infographic to learn more about the four ways employees use HSAs and how Bend helps.