Is your HR team understaffed and overwhelmed? If you answered yes to this question, it wouldn’t come as a big surprise since many small and midsized businesses feel this pain. According to a recent study, tedious administration tasks take up over 73% of a human resource department’s time (1). While solutions exist, many are costly, and others require an upfront time commitment your HR team simply can’t afford to make.
Is HSA Automation Your Answer?
One solution you could seek without spending a lot of time or money is the automation of processes by leveraging your existing payroll and benefits systems. An increasing number of small and midsize employers are adding a health savings account (HSA) program to their benefits package. HSAs allow their employees the triple tax advantage (quadruple-tax advantage if you count FICA tax savings) of no taxes on contributions, earnings, or distributions when used for qualified medical expenses. However, the additional benefits come with the potential for adding work to an already overwhelmed team. Luckily, existing options in the marketplace allow you to quickly and seamlessly add an HSA program without adding significant time and resources to manage it.
The SavingsOak Automation Solution
SavingsOak makes it incredibly easy to offer your employees a modern and feature-rich HSA through existing technology integrations with over 100 of the largest payroll providers. Through these existing integrations, your HR team, specifically those handling benefits and payroll, can quickly push employee enrollment data and contribution data from your payroll system to the HSA platform without needing to log into a separate application, upload files and respond to error messages.
Once the SavingsOak HSA program set up is complete, your payroll system will automatically talk to the HSA system with the appropriate employee census data triggering an email from SavingsOak to your employees to complete the enrollment process. Enrollment for the employee takes less than 2 minutes, and they’re ready to start making pre-tax contributions!
Every employer offering a High Deductible Health Plan (HDHP), or as we like to call them, “lower-premium plans,” should also give their employees the advantages of an HSA. SavingsOak makes it easy to set up the plan, submit employee information, and process payroll contributions – all within the comfort of your existing payroll system. Give your employees a great benefit and ease the burden on your valued HR team today!