Daniel Stewart

Tips to Get More Employees to Open an HSA

Offering access to a health savings account (HSA) is a great way to attract top talent, as HSAs provide a wonderful way to save money for healthcare expenses. These days, job applicants are looking for employers that offer competitive benefits, and HSAs are often at the top of the list of benefits employees want. As an employer, you may also receive a discount on your group health insurance coverage by offering access to an HSA to your employees.

Even though there's plenty of information out there about the benefits of utilizing an HSA, many people are still unsure about what an HSA is or what it does. Because of this, it can sometimes be difficult to get workers to sign up for an HSA.

If you're experiencing trouble getting your employees to utilize this benefit, below are some tips to increase HSA engagement:

Hold Training Sessions

Holding training events is a good way to educate employees on the benefits of taking advantage of an HSA. Your training sessions could discuss the importance of putting money into an HSA, what items are eligible for coverage under an HSA, and the tax implications of money that is saved in an HSA.

Many times, employees don't utilize HSA benefits because they are unaware that these benefits exist. Training sessions are also a good time for your human resources leads to promote the existence of HSA benefits. During this time, you can also provide opportunities to work one-on-one with human resources management to help employees sign up.

Offer Your Contributions

Another way to increase HSA engagement is to contribute to workers' accounts on behalf of your company. If you are offering free money that can be accessed only if an employee has an open HSA, workers will be less likely to decline the invitation. As a bonus, you may be able to write off some portion of your contributions on your business taxes.

Send Out Reminders for Key Dates

You can also send out reminders regarding key dates surrounding your HSA benefit offerings. Let employees know that deadlines are approaching if cut-off dates for sign-ups or changes are approaching. You can also make sure new hires receive notifications about signing up during their first few weeks to improve engagement.

Author Resource:-

Daniel Stewart has been helping people with their money management and personal finance with over 15 years' experience in business finance. You can find his thoughts at HSA investment tips blog.