“In this world nothing can be said to be certain, except death and taxes.” – Benjamin Franklin

Historically, April 15 isn’t the best day. Abraham Lincoln died on April 15, 1865. The Titanic sank on April 15, 1912.

And, of course, April 15 is usually Tax Day in the United States — the day when individual income tax returns are due to be submitted to federal and state governments. This reason alone makes April 15 a day that many Americans dread.

While filling out your tax forms may not be the most fun thing to do, there is a silver lining:

You can still contribute to your health savings account (HSA) for 2018 before April 15, 2019 (or before you file your taxes, whichever comes first) and count the contribution as a last-minute tax deduction toward your 2018 income tax filing.

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.

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).   

Note: This is the last of a 3-part series of blog posts. Previous blog posts in the series discussed contributing to an HSA and growing HSA funds.

In a report last year, the Centers for Medicare and Medicaid Services said “U.S. health care spending increased 4.3% to reach $3.3 trillion, or $10,348 per person in 2016.” The report broke the spending down further as follows: