Ask Yourself These 5 Questions to Measure the Success of an Employee Benefits Program

As you prepare to help your clients evaluate their current year’s benefits offerings and plan for the next, be sure to include these questions as part of your assessment. They'll help optimize your clients’ time, savings, and satisfaction for all.

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.

Disclaimer: the content presented in this article are for informational purposes only, and is not, and must not be considered tax, investment, legal, accounting or financial planning advice, nor a recommendation as to a specific course of action. Investors should consult all available information, including fund prospectuses, and consult with appropriate tax, investment, accounting, legal, and accounting professionals, as appropriate, before making any investment or utilizing any financial planning strategy.

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