Attention all HR and benefits managers. We know your time is spare. You are navigating dozens of benefits platforms systems, both online and off, to ensure all employees are getting the coverage they expect. Snafus, errors and unexpected changes plague your daily routines. You fight more fires than a professional firefighter and sadly your job didn’t come with a shiny red truck or a dalmatian.
“Set and Forget” HSA Strategy
So why would you we expect you to have enough time to read this article about HSA management and contribution strategies?
- First, we promise to keep it short and sweet.
- Second, we will show you how to set and forget your HSA and only access the platform when a direct action is required.
One less daily to-do can really change the course of your day and you might just be able to use this strategy on other benefits platforms. Figuring out the best strategy so you can set and forget your employer HSA management is within reach.
HSA Management: Step 1
Find a digital and mobile HSA that can integrate with your existing platforms. You don’t need another lone orphan system that operates completely independently of others. If you change any employer-sponsored HSA contributions in one place, they should change on all other systems. The same goes for adding and removing employers. In that sense, you are creating one HSA point of the record. It will make it easy for you to track and review and changes.
HSA Management: Step 2
Make sure to set notifications for all employer or employee actions that would require action (or that the platform you use has this preset). Most of the time an action is only required if an employee changes their employment status or classification. The other likely scenario is if you change or add your employer contributions. Log into your HSA provider and get this crossed off your list!
HSA Management: Step 3
There is no step 3. We are finished. Maybe grab a snack?
Finding modern HSA platforms that work within the strategies and architectures you have already put in place across your HR management systems is a requirement. It will make your life easier and keep employers happy. With a modern HSA, you can create a set and forget HSA strategy. You can stop fighting fires and go back to the things that matter, like employer productivity and retention.
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.