HealthEquity blog

5 ways to get your employees excited about HSAs

Posted by HealthEquity on Feb 7, 2019 9:44:07 AM

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.

  

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Topics: HSA, Employers, HSA investing, HSA contributions, HSA spending

Being savvy with HSAs and consumer driven healthcare (CDH)

Posted by HealthEquity on Jan 31, 2019 8:18:00 AM

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).   

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Topics: HSA, Employers, tax savings, HSA questions, HSA spending

How to position consumer directed healthcare and HSAs with your employees

Posted by HealthEquity on Jan 24, 2019 8:07:00 AM

For employers, there has been a monumental shift in the healthcare marketplace from higher cost, traditional plans to high deductible or consumer directed health plans (CDHP). Between 2007 and 2018, CDHP adoption has increased 264%. CDHPs and health savings accounts (HSAs) allow employers to save on premium costs and taxes while empowering employees to become more educated and involved in their healthcare decision making.

As these plans continue to grow in popularity, adoption and implementation, it’s important for employers to properly position CDHPs and HSAs with employees. With so much misinformation around, employees may be confused and apprehensive about enrolling in these types of plans. Here are a few ways to help your employees embrace consumer directed health plans.

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Topics: HSA, Employers, HSA investing, tax savings, HSA questions

2019 HSA contribution limits

Posted by HealthEquity on Jan 15, 2019 8:20:00 AM

The IRS announced last year that health savings account (HSA) contribution limits have increased for 2019, giving you and your employees the chance to save more than ever.

As a response to rising inflation, the contribution limits into savings vehicles like IRAs, 401(k)s, and HSAs can rise from year to year. And given the fantastic triple tax advantages1 that an HSA offers, 2019 is the year to encourage your employees to contribute the full amount to their HSAs.

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Topics: HSA, HSA contribution limit, HSA contributions

2019 FSA contribution limit increased

Posted by HealthEquity on Nov 15, 2018 3:37:24 PM

It’s official. The IRS has just announced that for 2019, individuals can contribute $2,700 to their FSA. That is an increase from the 2018 limit of $2,650. The FSA increase also applies to limited-purpose FSAs (LPFSA) that is limited to vision and dental services, which can be used in cooperation with a health savings account (HSA).

An FSA empowers employees to pay for qualified medical expenses with pre-tax funds. FSAs are popular accounts because of the tax benefits they provide to employees and to their employers.

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Topics: HSA, Employers, tax savings, HSA contributions, FSA, FSA contribution limit

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