A 2016 survey by Deloitte found that Millennials (those born between 1981 and 1997) “value work/life balance higher than any other job characteristic.” While the definition of “work/life balance” may mean different things to different people, one millennial in a Forbes article said, “It’s about my life goals aligning with my work goals so I focus on doing what I enjoy the most.”

Striking that balance between work and other pursuits can be tricky, but the good news is that a health savings account (HSA) can be a way for millennial employees to manage the balance between their work and personal lives, both now and in the future. 

The cost of healthcare continues to steadily rise year over year. In an environment of escalating premiums, many employers are in search of alternatives to the status quo. Whether the solution is a lower cost plan or increased premium share with employees, decision makers are doing the best they can to retain employees and remain profitable.

Consumer directed health plans (CDHPs), paired with a health savings account (HSA) are trending higher among many employers with growth of 11.2% from 2017 to 2018. These plans with lower premium costs are coupled with a new philosophy which brings comparison shopping and savvy consumerism into the healthcare space. If healthcare consumers have “more skin in the game,” i.e. paying more of their out-of-pocket costs, they will shop around for the best deal on doctor visits, prescription medicines and more. It sounds good in theory, but does it really work? Some actuaries say yes.

“In this world nothing can be said to be certain, except death and taxes.” – Benjamin Franklin

Historically, April 15 isn’t the best day. Abraham Lincoln died on April 15, 1865. The Titanic sank on April 15, 1912.

And, of course, April 15 is usually Tax Day in the United States — the day when individual income tax returns are due to be submitted to federal and state governments. This reason alone makes April 15 a day that many Americans dread.

While filling out your tax forms may not be the most fun thing to do, there is a silver lining:

You can still contribute to your health savings account (HSA) for 2018 before April 15, 2019 (or before you file your taxes, whichever comes first) and count the contribution as a last-minute tax deduction toward your 2018 income tax filing.

Consumer-directed healthcare plans (CDHP) accompanied with health savings accounts (HSAs) continue to increase in adoption, 20% year over year growth from 2017. Electing the plan is just the beginning. Many employers find it challenging to educate employees on the benefits of having an HSA. Here are a few tips to help employees use their HSA to the fullest.

One of the best ways to talk to your employees about how they can save money on healthcare expenses is to pose a hypothetical situation like the following:

Ask them to think about the last time they purchased a car. Did they go to any random dealership and purchase the first car they saw? While it is possible that some people purchase cars that way, the much savvier approach is for consumers to list the needs they have when it comes to a car, research the best prices and places to buy, then go to the dealership and purchase the car. This approach allows them to save money while still getting the best car that fits their needs.

Now, take the hypothetical situation and compare it to healthcare. While choosing healthcare options may not be as simple as purchasing a car, consumers (i.e. your employees) have more options than they might think when it comes to deciding how they spend their healthcare funds — especially if they have a health savings account (HSA).