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It's September, which means it's annual enrollment season-and what we refer to as HSA Education Month. Because HSAs can be complex, it's important to have access to tools, hacks, tips and tricks to help you plan for a productive enrollment season. Here's three of our most popular topics to help guide your plans. Keep reading to learn more about healthcare price shopping, an HSA hack and how to approach another remote enrollment season.
1. How to price shop
A survey of 1,155 full-time employees conducted last year revealed that many individuals are, in fact, unaware of how much healthcare services cost-meaning more are left unprepared for unexpected costs. Price shopping remains integral to reducing overall spending and creating meaningful savings, but what are the steps to getting started?
In the end, it comes down to providing instruction on how to properly and effectively price shop, plus emphasizing the user-friendly tools to do so. By taking the mystery out of costs and putting more spending and long-term savings into the hands-and pockets-of those around you, everyone becomes a wiser consumer and teacher in healthcare price shopping. Read more: Five tools to help consumers price shop.
2. Reveal an HSA hack
HSAs are one of the most tax-advantaged savings tools available1, but how can you show employees ways to bring even more value and flexibility to the table? Look into delayed reimbursement.
How does it work? Employees can potentially compound investment2 and interest earnings, then take money from their HSA whenever they need it. Go to the full article where we break it down into four easy-to-follow steps.
3. Pivot to remote open enrollment, again?
Much like 2020, this open enrollment season has brought a unique set of challenges to overcome. We've come to realize that there isn't necessarily a "new normal" around the corner as our work, home and everyday lives continue to adapt to everchanging circumstances. That's why it's crucial for benefits teams to manage open enrollment season in yet another remote season. So how can you ensure your 2022 season is successful-especially when compared to pre-pandemic years?
Check out these five tips for a successful remote open enrollment. Though the article pertains to the 2021 open enrollment season, each tip is certainly just as-if not more-applicable to current circumstances. From communication shifts, simple technological adaptations and an evaluation of an uncertain future, you can ensure open enrollment is "normal" during another year when everything else is far from it.
More resources
HSA education doesn't stop there, however. To ensure the 2022 annual enrollment season is a success, we've compiled additional resources to help empower clients and elevate member education. Explore the links below to find support, insight, information and relevant content.
Best practices for benefits professionals:
Take a moment to bookmark this page. You'll find our upcoming and on-demand webinars, as well as our latest thought leadership content.
Open enrollment toolkit:
Tap into our library of flyers, webinars and other collateral. These resources will help you drive adoption at every opportunity.
On-demand member webinars:
Our short, 15-minute webinars give members unique insight into each benefit account type. Members can compare their options and learn how to get the most from their benefits.
Subscribe to our blog:
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Follow HealthEquity social channels:
Get recent updates and join the conversation on our social channels.
LinkedIn: @HealthEquity
Facebook: @HealthEquityPage
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Preparing for Open Enrollment
The 2022 enrollment season is here, and in the blink of an eye it'll be gone. Take advantage of the season now to educate, inform and take advantage of this year's opportunities. Start with the resources above to get the most out of HSAs and open enrollment.
1HSAs are never taxed at a federal income tax level when used appropriately for qualified medical expenses. Also, most states recognize HSA funds as tax-deductible with very few exceptions. Please consult a tax advisor regarding your state's specific rules.
2Investments 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. Investing may not be suitable for everyone and before making any investments, 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 fund sponsor's website. Please read the prospectus carefully before investing.
HealthEquity does not provide legal, tax or financial advice. Always consult a professional when making life-changing decisions.
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