Why An HSA Is The Best Benefit to Offer Millennials in The Workplace

Making up over 30% of the U.S. labor force, millennials are currently the largest generation in the workplace. And, as an employer, it’s important to understand what millennials want and how to best reach them. Here’s why a Health Savings Account (HSA) is exactly the type of benefit your millennial-generation employees are looking for, why you should offer it and how you can educate them on the offering and encourage participation. 

They want perks at work

Millennials are less concerned about their paycheck than previous generations. They’re more concerned about what comes with that paycheck. In short, they want perks.

Thanks to its triple-tax advantage, a Health Savings Account is a great perk to provide your employees. And, since millennials like control, especially of their own money, let them know that HSAs are individually owned accounts. Your employees get to decide whether to spend, save or invest their funds, and all funds carry over from year to year.

When choosing the right account to offer them, consider one that:

• Makes it easy to set goals. Millennials are purpose-driven and seek achievement. Help them set savings and retirement goals by sharing tools such as interactive HSA savings and goal calculators.
• Has a low-investment threshold so they’ll be able to invest their funds faster.
• Includes incentives for participation. Among Discovery Benefits clients, we’ve found that employees of all ages are 23 percent more likely to enroll if their employer offers a contribution.

They want results ... fast!

Remember what life was like before the internet? Many millennials don’t. When they have a question, younger millennials are accustomed to turning to technology to find an answer immediately. Because they’re used to quickly accessing information at their convenience, it’s important to provide them with an experience that’s accessible and mobile. Choosing an HSA accounts provider who offers options like an easy-to-use online account and a handy mobile app helps ensure their benefits are available to them 24/7 and always at their fingertips.  

They want a conversation

Millennials grew up in the social media age and are used to an environment where they can share input and opinions whenever they want. To effectively communicate with millennials in the workplace, be sure to:

• Keep discussions conversational. Millennials want to be heard, so invite them to ask questions about your HSA accounts benefit offering.
• Show them what a Health Savings Account can do for them instead of just telling them. Millennials appreciate visual communication. Show them videos, infographics and graphs full of short, quick-hitting information, and share stats about how they can save money and grow their funds.

Millennial employees love High-Deductible Health Plans and HSAs. Are you thinking about offering an HDHP and HSA, or have you recently started offering one? Get a copy of our eBook below for some helpful tips on making the transition.