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Ask Yourself These 5 Questions to Measure the Success of an Employee Benefits Program
Renee Sazci · January 21, 2021 · 4 min read
Whether your client has offered the HSA benefit for years or is a new adopter, how you measure their HSA program is vital to its success. As you prepare to help your clients evaluate their current year’s benefits offerings and plan for the next, be sure to include these five questions as part of your standard assessment. They could make all the difference for optimizing your clients’ time and savings while maximizing satisfaction for all.
1. “Did your clients and their employees receive quick and easy access to support when they needed it?”
It's endlessly frustrating when a provider's customer service is hard to reach or when they play hot potato with your clients' and their employees' questions. HSA administrators and employees that spend long hours bounced around call centers or troubleshooting have lower satisfaction.
Now, imagine if clients are paired with one person as their day-to-day point of contact. And that dedicated person provides active support during onboarding and beyond. How would that impact your client’s satisfaction? And what about employees? What if they received prompt service and resolutions similar to your employer clients. That is the level of customer service that you should expect from your recommended HSA provider.
2. "Were more than 79% of employee accounts funded?"
A funded HSA account is another method of measuring open enrollment success. A shocking 21% of accounts industry-wide remain unfunded. That’s a significant opportunity loss for employees and clients. Not only for employees setting-up their healthcare safety net but tax savings for both employees and employers.
It’s an HSA provider’s responsibility to help employees navigate the process of one-time and recurring contributions. Is your current provider fulfilling this obligation? If the rate of unfunded accounts is high, likely not.
Want all 8 ways to measure HSA success in a convenient PDF for future reference? Download our checklist to ensure you’re optimizing your clients’ time and savings while maximizing satisfaction for all.
3. "Did employees max out their contributions?"
You want your client’s HSA program to perform above average. One way to gauge that success is by the number of employees contributing the maximum annual HSA contribution, which indicates a high level of engagement. Your clients also reap the rewards of increased payroll tax savings. For each individual employee who maxes out their HSA in 2021, your client will save $275 per year. And for each employee with a maxed-out family health plan HSA, your client saves $550.
Did you know that, on average, only 14% of HSA account holders contribute the maximum annual amount? An HSA provider that empowers employees to make the most of their account at every step is the key to helping your client’s program perform above the industry standard, and reap more tax savings.
4. "Did employees have access to personalized and seasonal educational content?"
Only 26% of employees have a complete understanding of their HSA benefit. That’s why your clients depend on their HSA provider to supply the tools they need to increase adoption and engagement. This includes year-round communication and education. But all HSA education is not created equal–especially generic email or communications that may be irrelevant.
Your provider should be sending personalized account holder messaging that ensures employees are getting the information that is pertinent to them—when they need it. With the support of the right HSA provider, your client’s employees will come to understand that an HSA is a financial wellness vehicle, not only a health savings account.
5. "Did your provider deliver prompt news of legislative changes and continuing guidance?"
As a broker, your clients rely on you and your recommended HSA provider to share legislative and market updates—fast. Maybe your current provider has an unhurried approach, posts a blog post, and then sends an email later that week or month. Or, maybe, not at all?
Prompt and thorough updates enable HSA administrators to prepare for the fielding of employee questions, among other benefits. Timely delivery of legislative changes and market updates also ensures that employees are empowered with knowledge that enables full engagement of their HSA benefits. Your preferred HSA provider should deliver prompt communication across channels, enabling you to spend more time building your book of business.
Benefits
2024 and 2025 HSA Maximum Contribution Limits
Lively · May 9, 2024 · 3 min read
On May 9, 2024 the Internal Revenue Service announced the HSA contribution limits for 2025. For 2025 HSA-eligible account holders are allowed to contribute: $4,300 for individual coverage and $8,500 for family coverage. If you are 55 years or older, you’re still eligible to contribute an extra $1,000 catch-up contribution.
Benefits
What is the Difference Between a Flexible Spending Account and a Health Savings Account?
Lauren Hargrave · February 9, 2024 · 12 min read
A Health Savings Account (HSA) and Healthcare Flexible Spending Account (FSA) provide up to 30% savings on out-of-pocket healthcare expenses. That’s good news. Except you can’t contribute to an HSA and Healthcare FSA at the same time. So what if your employer offers both benefits? How do you choose which account type is best for you? Let’s explore the advantages of each to help you decide which wins in HSA vs FSA.
Health Savings Accounts
Ways Health Savings Account Matching Benefits Employers
Lauren Hargrave · October 13, 2023 · 7 min read
Employers need employees to adopt and engage with their benefits and one way to encourage employees to adopt and contribute to (i.e. engage with) an HSA, is for employers to match employees’ contributions.
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