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Not All HSA Vendors are Created Equal – 5 Questions to Find the Right HSA Partner

Feb 9, 2022 8:00:00 AM

Having options can be a great thing. But it can also make sifting through all your choices to land on the best option for your business a daunting task. And let’s face it, in a world where you’re already strapped for time, you don’t necessarily have the luxury of diving deep into researching every single decision you make for your business.

When it comes to health savings accounts and who you choose to partner with for your employer-sponsored HSA program, there are no shortage of options. Many vendors exist that would be happy to take your business. But unfortunately, very few are actually poised to put your business’ and your employees’ best interests before their bottom line.

In short—there are many HSA vendors—but not many true HSA partners. Not all HSA vendors are created equal.

So when it comes to comparing HSA vendor options for your business, you can cut through the clutter quickly and easily by asking yourself five key questions.

1. Does Your HSA Vendor Make Your Life Easier?

If your current HSA vendor makes your life harder versus easier, or simply doesn’t do anything to actively help make your life easier, it’s time to consider switching HSA vendors.

Health savings accounts have come a long way in the two decades they’ve been in existence. But unfortunately, many HSA vendors are still stuck in the past when it comes to their HSA platform, their technology, their service and their outcomes.

Your business deserves an HSA vendor who’s truly a partner out to make your life (and your employees’ lives) easier. From HSA program implementation and enrollment to ongoing administration and employee engagement, everything should be quick, simple and easy.

The Bend Difference: Implementing your HSA program with Bend is simple, completely online, takes on average less than a half hour and saves you and your employees money and time, right from the start.

2. What has Your Current HSA Vendor Done to Simplify HSAs and Guide Your Business and Employees to More Savings and Better Financial Health?

If you can’t come up with an answer to this question, it’s definitely time to rethink your HSA vendor.

According to a recent survey, educating employees on health benefits, including HSAs, is the biggest challenge for nearly half of American employers. The survey results also illustrated the need for better benefits education on the employer end, with more than half of employers surveyed not knowing that employees need an HDHP to be eligible for an HSA.

Clearly, confusion surrounding HSAs is still a real thing, and if your HSA provider isn’t working to help you and your employees understand, simplify and maximize your HSA program, you’re all missing out.

The Bend Difference: The Bend HSA platform provides industry-exclusive real-time, personalized guidance, leading to 60% higher accountholder contributions than the national average. And more accountholder contributions mean more FICA savings for your business.

3. Are You Experiencing Vendor Lock-In Limitations Due to Your HSA Vendor’s Lack of Integrations?

Many HSA vendors fall flat when it comes to their ability to integrate with medical carriers, BenAdmin systems, payroll and other tools your business uses in your day-to-day operations. That can mean if you need or want to make a change to one of those items, you may be forced to either rethink the change or switch HSA vendors.

The last thing your business needs to worry about is a limited HSA vendor that’s riddled with incompatibility issues, potential data corruption and lock-in limitations.

The Bend Difference: Bend’s agnostic approach to HSA integrations ensures we can quickly and easily interface with almost any carrier or service platform.

4. What are You Costing Your Business and Employees by Not Partnering with the Right HSA Vendor?

Your business needs every competitive advantage it can get these days. And your employees deserve every opportunity to be able to take better control of their healthcare costs.

If you’re not partnering with the right HSA vendor, you’re costing your business and employees:

  • Missed opportunities to save money, time and headaches
  • Critical recruitment and retention tools
  • The chance at achieving better overall financial health

The Bend Difference: It’s important to note, switching your HSA vendor can be done anytime. And with Bend, the process is quick, simple and painless. You and your employees get more education and more savings from day one, and your business gets another recruitment and retention tool to add in the mix.

5. What are You (and Your Employees) Missing Out On?

Let’s face it—HSAs are still confusing to many employers and employees. Regardless of where you and your employees stand, everyone can benefit from a vendor that provides personalized guidance to make managing, promoting and maximizing your HSA program quick and simple.

Without simplification, guidance and consistency from the right HSA vendor, your business and your employees miss out on FICA tax savings and so much more.

The Bend Difference: Accountholders with Bend HSAs contribute more, save more and invest more. It’s good for your employees and it’s good for your business. Because the more your employees contribute, the more you save in FICA taxes.

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