HSA Bank, a division of Webster Bank, N.A., recently released a white paper titled 4 Proven Practices to Elevate Your HSA Communications, discussing how employers can increase employee engagement with a Health Savings Account (HSA) offering to help put individuals on the path to a healthy financial future.
With rising healthcare costs, medical expenses accounting for 62 percent of personal bankruptcy1, the overwhelming 40 percent of consumers who never save for future healthcare expenses2, and the fact that 30 percent never consider costs3, employers have the opportunity to equip their employees with the tools they need to be physically and financially healthy – not only today, but also in retirement. By following a few simple, proven communication best practices and partnering with an HSA provider who can elevate HSA communication plans, an employer can increase the level of employees’ engagement with their HSA program year-round.
“Creating HSA communications that are meaningful, simple, personalized, and consistent is an important step in educating employees and maximizing the success of an HSA program,” said Mark Siebold, senior vice president and director of marketing at HSA Bank. “We want to encourage employers to provide their employees with the tools and materials needed to make the best possible decision that brings them to a place of health and financial wellness.”
To help strengthen an employer’s HSA communications, HSA Bank has identified four proven best practices to increase employee engagement:
Do the math: Encourage employees to consider all the important numbers involved in making decisions, such as health insurance premiums, deductibles, out-of-pocket maximums, co-pays, and the savings potential that comes from using an HSA.
Keep it simple: Even employees who understand HSA basics often have a hard time determining how much money they should put into their account. Offer simple tools, such as the HSA Savings Calculator, to help employees evaluate how to achieve their goals.
Make it personal: Providing content through various channels, such as brochures, flyers, and educational videos allow employees to see how the HSA brings value to their own personal situations. For example, the HSA Bank Health & Wealth IndexSM Calculator gauges where employees stand with their own physical and financial health and supplies recommendations for improvement.
Be consistent: Communicate about HSAs on a regular schedule throughout the year for continuing education. Also, partner with an HSA provider who can help develop customized communication plans tailored toward a specific employee audience.
To learn more about educating employees and maximizing the success of an HSA program, click here to download the white paper.
About HSA Bank:
HSA Bank is a trusted leader in consumer-directed healthcare (CDH), focusing on Health Savings Accounts (HSAs) for over two decades and serving as both the bank and administrator. Discover how we can support your benefits strategy with our comprehensive account-based health benefit solutions that include HSAs, Flexible Spending Accounts (FSAs), Health Reimbursement Arrangements (HRAs), and Commuter Benefits. With a reputation for outstanding service and thought leadership in the CDH space, we offer one platform and one portal for all of our members. HSA Bank inspires 2.9 million members and more than 35,000 employer groups to “own your health” by making it easy to access, understand, and afford healthcare. As of March 31, 2019, HSA Bank has $7.9 billion in total footings comprising $6.2 billion in deposit balances and $1.7 billion in assets under administration through linked investment accounts, and is a division of Webster Bank, N.A., Member FDIC.
1 “Medical Bills: The Leading Cause of Bankruptcy in the United States.” Apex EDI. May 25, 2018. https://www.apexedi.com/medical-bills-the-leading-cause-of-bankruptcy-in-the-united-states
2 According to the 2019 HSA Bank Health & Wealth Index
3 According to the 2019 HSA Bank Health & Wealth Index