HSAs are a great employee benefit. They also have some nice perks for employers, like helping them attract and retain top talent—all while reducing healthcare costs. The challenge for HR leaders and benefits professionals often lies in finding the right HSA provider.
I’ve worked in the employee benefits space for a long time and love being Lively’s VP of People. That’s because we’re a benefits solutions provider that genuinely wants to make it easier for employers and individuals to manage their HSAs. It goes hand in hand with our mission of helping people embrace a healthy future. Here are a few important things to look for in an HSA provider.
A smooth rollout
Launching an HSA program can be a tall order. The right benefits solution provider is one that can help streamline the process. It’s probably wise to launch an HSA education campaign beforehand so that your employees understand how it all works. That includes the advantages that HSAs bring to the table, as well as the logistics of signing up. It’s an important piece that’s often overlooked when new benefits are being implemented.
Beyond that, you want an HSA provider that has a reliable, easy-to-use product. If not, your internal benefits team will likely be flooded with employee questions and concerns, which can eat into their time and focus. In a past role before I came to Lively, I had an experience where an HSA program was rolled out and then didn’t work properly. Employees had issues with everything from checking their balances to using their HSA cards. My team had to work overtime to find a new HSA provider that could meet our needs.
Tech solutions that make life easier
Technology is ever evolving, but not all HSA providers are keeping up. The industry has a reputation for antiquated tech and outdated systems. One of the reasons Lively was founded was to make HSAs, and benefits solutions, straightforward to access and use, and an important way to do this was to bring the technology that powers them into the 21st century. Our easy-to-use platform is all about keeping things simple. It’s a user-centered experience that includes paperless onboarding and a top-rated mobile app. In other words, it’s a modern way to manage your HSA.
The thing with employee benefits is that after enrollment, you shouldn’t be hearing about them from your employees all that much. It means they’re going about their lives and using their benefits without any issues. But if your HSA provider has glitchy tech or a cumbersome platform, you can bet that it’s going to cause disruptions for your employees and for your People/HR team.
Customer service you can count on
Your HSA provider shouldn’t leave you flying blind. Whether it’s an employee trying to get in touch to ask a question or the employer trying to troubleshoot an issue, connecting with your provider should be easy. Not only that—they should be ready and able to provide support. With regard to the not-so-great HSA rollout I experienced a while back, poor customer service was perhaps the biggest hurdle. Employees were coming to my team in droves complaining about their inability to get any real help from the HSA side.
This was especially frustrating because we’d worked hard to educate folks about HSAs and get them enrolled. Now here they were struggling. If people have an issue, they should be able to get the answers they need, whether that’s through self-service on the platform or website or calling member support. It’s so important to have that good customer service, and that's something I'm really proud of here at Lively. All employers, no matter what size, have access to a dedicated Customer Support Team. We’re here to walk you through whatever you need. That includes everything from general questions to specific issues, big and small, for both the employers and account holders that work with us.
Including an HSA in your employee benefits package shouldn’t break the bank. At Lively, you can expect clear, transparent pricing. That means no hidden fees or tricky cost structures. We charge a flat rate per employee, per month. Since Lively started, we’ve saved our account owners over $8 million in fees, which I’m really proud of. So, when comparing HSA providers, be on the lookout for unclear pricing or excessive or hidden fees. They’re probably red flags.
If you’re booking to partner with a benefits solutions provider who’ll have your back, reach out to Lively today.
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.