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The Employer HSA Experience Can’t Be an Afterthought

Sep 15, 2021 10:19:42 AM

In our last blog, we covered why now more than ever, the individual HSA experience matters.

This time around, we’ll dive into the other part of the HSA equation—the employer HSA experience.

As important as the individual accountholder HSA experience is, every employer that offers an employer-sponsored HSA program, or is exploring offering one, deserves an equally user-friendly, headache-free experience in everything from HSA program setup and payroll integrations, to implementation, ongoing administration and real-time reporting.

Many HSA Providers, Few HSA Partners

There’s no shortage of HSA providers out there. They technically offer health savings accounts and will be glad to set up an employer-sponsored HSA program for a business. But many times, the primary driver is to grow the vendor’s bottom line—not to provide the employer with the best, most beneficial HSA program.

Unfortunately, for some HSA providers, maximizing employer and employee HSA success isn’t a top-of-mind concern. Rather, their HSA products—including the employer HSA programs they offer—are afterthoughts taking a backseat to their many other products and services. The result is an employer HSA program lacking in many ways, from the basic, transactional HSA itself with limited functionality, to clunky user experience, burdensome employer administration, costly and time-consuming integrations and other shortfalls.

Employers need the expertise of a true HSA-centric partner. One that is committed to making HSAs easy for everyone and maximizing win-win benefits for both employers and their employees. One that has a track record of proven results in the industry and isn’t satisfied simply settling for the status quo.

What Makes a Great Employer HSA Experience?

So what exactly makes up a great employer HSA experience? What are the key elements employers of all sizes and scopes need to consider to achieve their HSA program goals?

Same as for individuals, while there may not be one exact blueprint, there are certainly a variety of essential elements all employers can benefit from when considering their employer-sponsored HSA program, including:

  • An HSA platform that not only provides superior usability, cutting-edge features and maximum benefits (FICA savings and otherwise) for employers and employees, but also offers stability, security and is FDIC insured
  • Comprehensive educational HSA resources for employers and employees
  • Competitive pricing with no setup fees or hidden costs
  • Streamlined administration and on-demand access to robust features and reporting
  • Helpful automations—everything from employee enrollment to payroll and other integrations
  • Quick and simple online program setup and implementation
  • Responsive support and guidance for employers and employees
  • Best-in-class features, including fully integrated HSA investment offerings

A Better Employer HSA Experience Means a Better Employee HSA Experience

Getting the best employer HSA experience doesn’t just result in positive benefits for an employer. A better employer HSA experience also nets a better HSA experience for their employees. The more proactive education, support, guidance and other tools an employer receives, the more employees are better informed and made aware of all the ways an HSA benefits them. When employers are comfortable with and confident in their HSA program, employee buy-in can see significant upticks.

And with increased HSA program buy-in and participation from employees come more FICA savings and other benefits for employers—including boosts in recruitment and retention and the ability to be more engaged and play a more active role in their employees’ long-term financial wellness.

As HSAs Continue to Grow, Offering the Best Employer-Sponsored HSA Program is a Must

More and more employees are choosing to leverage the power of a high-deductible health plan (HDHP) paired with an HSA, and the popularity of HSAs is only projected to rise.

As of the first of the year, more than 31 million HSA accountholders throughout the nation had more than $87 billion in HSA assets—an almost 10% increase in accountholders in one year’s time. And with the latest market projections estimating that by 2023, around 36 million HSA accountholders will hold more than $127 billion in HSA assets, one thing is clear—HSAs are here to stay, and employer-sponsored HSA programs are no longer an option for employers, but rather a required element of their overall benefits package to remain competitive in the increasingly tight labor market.

And when it comes to employer-sponsored HSA programs, it’s important to note that as HSA accountholders have evolved, so have their HSA program expectations. Employees demand a great HSA experience full of easy-to-use features available on demand. They want a platform that integrates well with their busy life and makes maximizing every aspect of their HSA easy, regardless of their HSA knowledge level.

Get the Best Employer HSA Experience With Bend

Employers have many choices when it comes to who to partner with for their HSA program. But there’s only one choice that takes the hassle and headaches out of HSA program administration through an HSA-centric approach with thoughtful program design, easy-to-use features and industry-leading automations, tools and resources.

The Bend Difference is real. And partnering with Bend for an employer-sponsored HSA program drives results all employers—and their employees—can benefit from.

40 Percent

Bend HSA average account balance is 40% higher than the national average

25 Percent

Bend HSA has 25% more accountholders as investors than the national average

60 Percent

Bend HSA accountholder contributions are 60% higher than the national average


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