How Employers Can Help Employees Make the Most of Their HSAs
April 27, 2017
It’s clear that Health Savings Accounts (HSAs) benefit both employers and employees in a number of ways. But knowing they're a valuable benefit for businesses and their employees alike, how can employers be sure they’re helping employees make the most out of this benefit?
Offer HSAs through a Proven HSA Administrator
The first step is to find the right HSA administrator to help manage and administer this benefit. When choosing between health savings administrators, looking for an administrator with demonstrated experience, innovative technologies and excellence in customer service is key. This includes looking for things like if they have an easy-to-use mobile app available, if they offer customer service through multiple channels ranging from phone to live chat and if they have a proven track record of experience and partnerships.
And choosing an administrator who serves as a true partner and resource for your company as a whole, from answering questions to providing support to asking for and listening to feedback, will help both employers and employees get the most out of this pre-tax savings vehicle.
Though health savings accounts have been getting more and more attention, there are still questions about how an account might be the right fit for different people with different goals. Providing education through educational materials, informational sessions and open enrollment help is a great way to educate employees on the rules and benefits of an HSA. This also means that anyone in charge of your human resources or benefits should have easy access to resources from your health savings administrator, to help educate employees based on the questions they have and information they’re looking for.
Plus, your health savings administrator should offer additional resources so both you and your employees have access to gain the knowledge you want about this benefit. Tools like easy-to-use calculators, an informational blog and informative videos are some of the additional educational resources that can help both you and your employees learn more and seek out answers to questions when it’s most convenient.
Contribute to Employees’ HSAs
When it comes to health savings accounts for employees, employers can choose whether or not they’d like to make contributions. An employer contribution offers a great incentive for employees to open an HSA and is also a great benefit to use as a tool for recruiting and retaining employees.
Keep in mind that contributions can be deducted on business income tax returns for the year they’re made, so it’s a win for employers, too! Just be sure contributions are comparable for all participating employees. (For more specifics on the guidelines for contributing to employee accounts, visit the IRS website here.)
If you’re looking to learn more about health savings accounts and how they could benefit your employees, get in touch with our team for more information.