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Employee benefits can be just as overwhelming for the employers who offer them as they are for the employees who use them. Whether you鈥檙e a third-party administrator (TPA), financial institution, health plan, or an HR technology provider, educating employers about your solutions will empower them to offer a competitive benefits package.
This is especially true for health savings accounts (HSAs), which still face many misconceptions in the market. Here are four things your clients need to know about HSAs in order to use this benefit effectively in their total compensation strategy.
Your clients can鈥檛 benefit from a solution they don鈥檛 know about.聽 Clearly marketing your HSA on your website and in email campaigns are great ways to make sure your clients are aware of your solution.
Make sure your marketing also communicates how to get started with your HSA offering. Your clients will need to know things like:
You can also educate your clients about HSA trends and legislative updates that impact these accounts (including HSA contribution limit increases).
By ensuring they know what’s available, how to access it, and how changes in the market impact their options, you empower your clients to make informed decisions that align with their business goals.
Your employer clients may know that you offer a health savings account, but do they know the ways an HSA can be good for their business?
Health savings accounts empower employees financially. HSA contributions reduce an employee鈥檚 taxable income, and HSA funds can be invested leading to significant growth over time.
Withdrawals for eligible expenses, including deductibles and copayments, are also tax-free prior to and during retirement. This provides employees with financial flexibility in managing wellness expenses today and planning for health expenses in retirement. Given that individuals need, on average, upwards of $175,000 for healthcare costs in retirement, the versatility of an HSA for financial wellness before and during retirement is one reason this benefit is so popular among employees.
More reading: What are the retirement benefits of an HSA vs. a 401(k) vs. an IRA?
Speaking of eligible expenses, a health savings account can also support employee mental health by covering expenses related to therapy, prescription drugs like antidepressants and anti-anxiety medications, sleep deprivation treatment, and more.
Supporting your clients in employee HSA education efforts is crucial. If you’re a 女奴视频 partner, you have free resources at your disposal to support your participants and help your clients do the same.
Lastly, benefits education should not be a one-time event. Establish a year-round strategy to keep employees informed and engaged. Regularly communicate updates, share success stories, and provide access to educational materials. A well-informed workforce is more likely to maximize the benefits of HSAs, and your clients are more likely to add an HSA to their offering if they have the support they need to drive employee benefits engagement.
Check out our to discover more of our HSA education tips!
The information in this blog post is for educational purposes only. It is not legal or tax advice. For legal or tax advice, you should consult your own legal counsel, tax and investment advisers.
女奴视频 receives compensation from some of the merchants identified in its blog posts. By linking to these products, 女奴视频 is not endorsing these products.
Subscribe to our Inside 女奴视频 blog and follow us on social media for the insider view on everything 女奴视频, from payments innovation to what it means to be a 女奴视频er.
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