Adding an HSA to your benefits offering is easy, or at least it is with Lively. It takes 5 minutes, is 100% online and paperless. But what happens next? How can you ensure that your HSA adoption rates are high, employees are happy, and your benefits offering is a success? Here are the steps you can take to ensure your HSA rollout is smooth and seamless.
Lively HSA is simple and easy to use. It’s free for employees. If employees want to invest their HSA funds, they can do so easily through our industry-leading investment solutions. There’s no cash minimum requirement for them to start investing, or additional access fee for you as the employer.. There are no hidden fees for other account costs for employees. Opening an HSA creates flexibility for employees to use pre-tax dollars for future out-of-pocket medical expenses.
Personalize HSA Benefits
Understand how each employee segment will use an HSA to help them get the most out of it.
- Younger employees, with lower expected health costs, can save or invest their HSA for the future.
- Employees with families, with higher expected health costs, can use the pre-tax savings to save money on out-of-pocket medical expenses
- Employees closer to retirement can save or invest their HSA to use on the $275,000 of expected medical costs in retirement. Plus after 65 years, they can use their HSA funds for anything, not just health-related expenses. Just pay income taxes – no penalty!
The HSA solution has benefits that work with every employee segment in your office. We just need to show them how best to take advantage of their HSA.
Ask for Help
As an employer, aren’t you paying for this benefit? It might only be $2.95/enrolled employee/month, but take advantage of your power position. Use your HSA customer service team to customize your employee education and enrollment. Step by step guides, one-sheeters, and HSA explainers are all at your disposal. Take advantage of this help. Do less work and look like a hero. Sometimes win-win is the easiest solution.
Ensuring HSA success for employees is as easy as helping them open a free HSA and showing them how to personalize the benefits to fit their health and financial profile. HSA benefits speak for themselves, we just need to make them easy to understand.
If you need more help with health account decisions, check out our blog. We will make you a healthcare benefits expert in no time, without any extra work or effort on your end.
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.