How to Boost Engagement in Your HDHP/HSA

by | Oct 5, 2021

In the past few years, enrollment in High Deductible Health Plans/Health Savings Accounts has gained popularity. However, the intricacies of the plan still create a lot of confusion amongst employees. It can impede them from enrolling, or if they do sign up for the HDHP, they bypass the HSA option altogether.  This situation puts employers in the position of finding ways to engage and boost participation in their plans. The following strategies will help: 

Multi-Channel Communications

Your communications efforts should be simple and through multiple channels. Handouts, open enrollment sessions, and  FAQs are essential. However, technology-focused communications such as short videos, digital materials, and in-product reminders allow your employees to have content at their fingertips 24/7. By utilizing this strategy, your employees are also able to consume content in their preferred method. 

Empower Employees Through Education

Look at education as an ongoing investment in your employees. Think about ways throughout the year to educate your people about the different aspects of the plan that benefit them, such as saving through various Qualified Medical Expenses or the Triple Tax Advantage. Inform them that a couple retiring today will need approximately $300,000 in savings to cover medical spending. Focusing on HSA-plan features such as investment, often overlooked, can attract forward-thinking employees looking to save money for future retirement medical expenses. 

Encourage Your Employees 

Sometimes it takes a bit of encouragement to help your employees take that step and begin participating in the plan. Plan design can go a long way here. Incentives offered by the employer, such as seed money or employer matching contributions, can inspire your employees to participate and contribute money to their HSA. 

Another option is to auto-enroll participants in the HSA (with the opportunity to opt-out) when they sign up for the HDHP.  

By taking steps through encouragement, empowerment, and communications, employers will be on their way to boosting employee participation in their HDHP/HSA. 

Subscribe to SavingsOak Academy:

Don’t miss out on a single post! Have useful HSA information delivered straight to your inbox.

    Recent Posts

    Tribute to Alaric Aloor

    Tribute to Alaric Aloor

    We are heartbroken to share the passing of our beloved friend and advisor, Alaric Aloor, over the weekend.

    HSAs Help Women Make Progress Towards Financial Security

    HSAs Help Women Make Progress Towards Financial Security

    Women face more challenges when it comes to savings and retirement. It is primarily because women encounter a wage gap that follows them into their retirement years. Women only have 70% of the overall income in retirement that men enjoy. Many in that age group have no retirement savings at all.  In light of these facts, women need to plan for their retirement and consider health savings accounts (HSA) as a tool to help them achieve their goals and set themselves up to be financially secure.

    Are You Planning for an Early Retirement?

    Are You Planning for an Early Retirement?

    Retirement income, savings, and investments all come to mind when people plan for retirement, but one thing often overlooked is the role that healthcare expenses can play in your retirement plans. It is time to focus in on that as well.