5 fast facts on how the HealthEquity Client Advisory Board is shaping the future of benefits

Building better benefits to improve people’s lives is no small task. HealthEquity has been hard at work in the administration of Health Savings Accounts (HSAs) and other consumer-directed benefits (CDBs), such as Flexible Spending Accounts (FSAs), since 2003. And if there’s one thing we’ve learned, it’s that success starts with listening.

That’s why we’re thrilled to tell you about our new HealthEquity Client Advisory Board (CAB). With representatives from more than 20 organizations representing more than 1 million employees, CAB is working to provide feedback on our products and services and the best ways to advance our goal of better employee health and financial security.

HealthEquity clients drive bottoms-up innovation through new Client Advisory Board

These talented and forward-thinking professionals are working every day to improve benefits administration. Already, they’ve shared significant insights with HealthEquity that have helped us to solve problems and identify important future innovations.

Together, we’re well on our way to delivering an even more remarkable HealthEquity experience­—for clients, for members, and for our partners.

1. CAB members will weigh in on the client, member, and product experience

HealthEquity is driven by a commitment to be remarkable. While we speak a lot about our member experience—something very close to our hearts—we also want to ensure clients have a great experience using our products and services in their day-to-day lives.

CAB represents an important window into the experience of our broader customer base. Already, CAB members have provided important feedback on items like:

• Potential new product lines

• Product design, including expanded investment options

• Client, broker, and member account dashboards

• AI in the member experience

• Payment methods, such as debit cards and digital wallets

2. There are more than 20 CAB members, representing multiple industries and locations

CAB is intended to represent the voice of HealthEquity clients—both organizations and employees. When putting together this board, we focused on including members who represented a diverse background of company size, industry, and geographic locations.

Currently, CAB includes members from more than 20 mid-market and enterprise organizations located across the U.S., with headquarters on both coasts and in the Midwest. Industries include everything from manufacturing and financial services to technology and education.

CAB members also use a variety of HealthEquity products. While not every CAB organization uses all HealthEquity products, collectively they offer benefits like:

• HSA

• FSA

• Health Reimbursement Arrangement (HRA)

• Lifestyle Spending Account (LSA)

• COBRA

• Commuter

With this diversity, we can feel confident that CAB represents the majority of our customer base.

3. CAB exists to give HealthEquity customers a prominent voice in how we build our future

The surest way to build benefits services that have an impact is to work frequently and frankly with customers. The members of the HealthEquity CAB group are leveraging HealthEquity products every day to help employees enroll in and maximize their benefits. Tapping into that experience is invaluable.

CAB provides us direct insight into how our offerings are performing on behalf of all HealthEquity clients and members. We can identify challenges, pinpoint opportunities, and—crucially—plan for the future. CAB members have a significant voice in how HealthEquity priorities are defined and help influence when and how we tackle any challenges.

We have many ambitious and innovative plans for our future, and by working with CAB members, we have the assurance that our products are answering a real need in the market—and truly helping working families. CAB has already met multiple times to orchestrate focus groups and human-centric design sessions, while exchanging fresh perspectives with peers. We’ll meet with them again for our 2024 Client Advisory Board Event in February. Be sure to check back to hear the outcomes of that session.

Shuki Licht, Head of Innovation at HealthEquity, has worked closely with CAB and is thrilled with the direction CAB is taking.

“Innovate with your customers, not just for them. Together, we’re crafting the future,” Licht said. “Stay tuned for what’s to come.”

4. Together, CAB members and HealthEquity team members will identify emerging trends and best practices

CAB members are top industry executives and thought leaders. Part of our work together is to zoom out of the focus on HealthEquity products and services and discuss the healthcare and benefits industries as a whole.

By gaining insight into the day-to-day life of those who use our products—and by tapping into what they see on the frontlines—we’re able to compare notes and design solutions that answer the needs of the future as well as the present.

Be sure to get a preview of some of these trends by registering for The Top 4 Employee Benefits Trends to Watch for in 2024, a webinar held in conjunction with the Society for Human Resource Management (SHRM)¹ and featuring CAB members—Laura Tauber, Executive Director of Self-Funded Health Plans at the University of California, and Christy Goldberg-Hirsch, Senior Vice President of Total Rewards at RR Donnelley.

You can also hear a CAB member chat with HealthEquity Senior Director, Consumer Engagement Tene Raymond on improving HSA engagement.

5. You can expect to hear from CAB members on a regular basis

The insights CAB members offer aren’t for HealthEquity team members alone. As you’ve seen, there are many platforms for CAB members to share their insights and network both with each other and their peers in the larger HealthEquity client base. We’ll also be sure to feature updates on our products and services based on CAB input.

If you’re not already a Remark blog subscriber, be sure to sign up today to catch all CAB and HealthEquity news.