Many companies are in the middle of their open enrollment period, and health savings accounts (HSAs) are offered by more companies than ever before. But, because not everyone can be experts on HSAs, it may be difficult to answer questions that employees might have. Your employees need to know the best way to use an HSA to maximize their benefits and ensure they are spending HSA funds on qualified medical expenses. You may be wondering how an HSA can benefit your business. Fortunately, there are some useful resources for employers and employees who are looking to educate themselves about HSAs. Check out our top 3 reccomendations:
1. Internal Revenue Service (IRS) website
Yes, you read that right! The IRS’s “Health Savings Account at a Glance” site contains links to official tax forms and useful information that can answer tax-related questions about HSAs. Their links to Form 8889 (with fillable fields) and Publication 969 (information regarding HSAs and other tax-favored health plans) are particularly beneficial for those seeking to educate themselves about HSAs.
2. Financial and industry-related news sources
The media can also be a great way for employers and employees to learn more about HSAs. The New York Times wrote about “The best Health Savings Accounts for spending or investing” and “Understanding Health Savings Accounts.” NBC Nightly News did a segment about “How a Health Savings Account could save you money.” CNBC did a segment on “How to make a Health Savings Account work for you,” and Forbes Magazine published a piece titled, “14 surprising facts about Health Savings Accounts.” All of these, and many other media articles, can answer some of the common questions employers and employees have about HSAs.
3. HealthEquity’s website and education tools
HealthEquity’s HSA Education Tools site provides resources for employers so they can help employees understand and realize the benefits of an HSA. These tools include downloadable brochures, PowerPoints, emails, flyers and newsletters. The majority of the site’s resources are available to everyone, even if they don’t have a HealthEquity HSA. The tools are organized into three categories to most efficiently inform employers in whatever situation they are in. The categories include pre-enrollment education, open-enrollment education and ongoing education. For individual accountholders with HealthEquity HSAs, a team of specialists is available 24/7 to provide insight and answer HSA questions employees may have. 1
The best way to maximize the benefits of HSAs is to learn more about them. The good news is that the IRS, the media and HealthEquity provide many resources and tools to help employers and their employees learn about how an HSA can help them now and in the future.
1HealthEquity does not provide legal, tax, financial or medical advice.