As an employer, it's essential to provide your people with the best opportunities out there that you can. Everything from software upgrades and flexible work policies to tuition reimbursement and competitive benefit packages can make or break employee retention.
As you look for ways to add value, consider offering a health savings account (HSA). HSAs can support you and your employees without going over your budget. HSA experiences may vary, so how do you know what to look for in an HSA provider? Here are a few traits to focus on during your search.
1. Are they HSA-centered?
Plenty of benefit providers offer HSAs or have access to them, but they may treat them like an add-on service with limited options. If their core business is not HSA-related, you've got their divided attention, and that could cost you in the long run. Look for an administrator who focuses primarily on HSAs-that way you can expect to have a remarkable experience. HSAs are not a one-size-fits-all, which is why HealthEquity aims to deliver comprehensive HSA solutions to meet your needs.
2. Do they have smart investment options?
With so many HSA offerings in the marketplace, the investment options are equally as saturated, making employees feel like they're in the dark.1 Your HSA provider should make it easy for your people to invest and compound on their growth, while keeping fees low. Because HealthEquity strives to give members ample resources to invest their HSA funds, our investment options utilize efficient, low-cost, high quality index funds. This approach optimizes HSAs and encourages an environment where it's easy to keep and potentially grow more hard-earned savings.
3. Do you get the support you need?
When you introduce HSA benefits to your company, you'll need support along the way. It's important to search for an HSA provider that is both accessible and helpful to you and your employees when you need it most. The HealthEquity member services team is available every hour of every day. Moreover, account mentors are dedicated to support your employees. You can also use self-service via Answers, a web-based knowledge database for members.
4. Do they provide educational resources?
The more your people know about their benefits, the more money they are likely to save and the more supported they'll feel. You need an HSA partner who has the right resources to help you deliver this information to your employees. From pre-enrollment information to tax and investment options, education resources should cover topics from basic knowledge to more advanced HSA topics. At HealthEquity, we empower our partners with educational resources and communication plans so that your employees get a strong understanding of their health accounts. Our account mentors are also available every hour of every day to assist and educate members in their journeys.
5. Are there tools to help you?
As an employer, you know the importance of having the right tools at your disposal. This is also true when it comes to HSAs. Along with reliable service and educational resources, your HSA provider should have plenty of tools to help you and your employees get the most of their HSA benefits. HealthEquity offers an entire toolkit to support your HSA efforts, including pre-enrollment tools such as HSA Contribution Calculator, Future Balance Calculator, and CompareMyHSA.com. Your members will also have our convenient mobile app2 and member portal with a wealth of resources.
Now that you know what to look for in an HSA provider, you can feel confident with your choice, stay competitive in the workplace, and provide your people with the support they need. Sounds like a win-win strategy for everyone involved.
We're ranked #1
Did you know that we recently received best overall HSA provider in Investopedia's latest review? We're also pleased to share that Further, a national health savings administrator we acquired in 2021, is ranked on the list.
1 Investments made available to HSA holders are subject to risk, including the possible loss of the principal invested, and are not FDIC or NCUA insured, or guaranteed by HealthEquity, Inc. Investing through the HealthEquity investment platform is subject to the terms and conditions of the Health Savings Account Custodial Agreement and any applicable investment supplement. You should carefully consider the investment objectives, risks, charges and expenses of any mutual fund before investing. A prospectus and, if available, a summary prospectus containing this and other important information can be obtained by visiting the Vanguard website at vanguard.com. Please read the prospectus carefully before investing. Consult your advisor or the IRS with any questions regarding investments or on filing your tax return.
2 Accounts must be activated via the HealthEquity website in order to use the mobile app.
HealthEquity does not provide legal, tax, financial or medical advice. Always consult a professional when making life-changing decisions.
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