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This blog is the first of a four-part series that provides strategic insights you can use to maximize the value of your HSA program. At HealthEquity, we think beyond employee education, focusing more on year-round engagement that can boost account utilization, promote better habits and increase member satisfaction. Let's dive in.
Your employees' wellbeing-and your benefits return on investment-will naturally improve as more individuals enroll in your HSA program. That's why success requires smart engagement at three critical moments:
- New employee onboarding
- During qualifying life events (QLEs)
- Annual open enrollment period
To maximize engagement many benefits teams find they needing to operation almost like quasi-marketing teams. Unfortunately, most have neither the resources nor time to work in that capacity. The good news is that there are tools to help benefits professionals achieve more with less. Check out our Engage360 hub. There you'll find plenty of engagement resources to help you:
Address the specific needs of new hires specific needs and provide relevant information in a user-friendly format. For example, younger employees may benefit from increased focus on employer contributions, while older employees may want more information on how HSAs can assist in their retirement planning. Be sure to allow adequate time for education and provide materials that won't get lost among employee handbooks, tax forms and other new hire paperwork. Provide easy-to-understand collateral about all their benefits options.
Encourage HSA enrollment when employees experience a qualifying life event. QLEs may include loss of health coverage; changes in the household, like getting married or having a baby; changes in residence such as moving to a different ZIP code; or life changes such as becoming a citizen. With helpful engagement during the typical 60-day period following these changes, your people can reconsider their HSA enrollment and adopt a more appropriate plan.
Inspire participation with a comprehensive educational push around open enrollment. Not everyone understands terms like copays, matching or deductibles and many feel that an HSA selection is too complex. You can help demystify these concepts with relevant resources including webinars with Q&A sessions, microsites with searchable content and tools to help employees easily compare their options. An analysis of 700 employers partnered with HealthEquity found that those who executed during active open enrollment time saw a 39 percent increase in HSA adoption over 7 years.
conclusion
While you're here, be sure to check out Engage360, our proven approach to member engagement. Engage360 includes original collateral, analytics tools, professional training and the support you need to make a difference for your people and your organization.
HealthEquity does not provide legal, tax or financial advice. Always consult a professional when making life-changing decisions.
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