Your employees are your most valuable asset in your business. Give them a perk that is as adaptable and one-of-a-kind as they are, with a health spending account (HSA). An Employee HSA is a tax-free alternative to – or compliment to – a typical benefit plan. Your employees can feel valued and acknowledged when HSA benefits are included in their overall pay, and you can see a higher return on productivity.
Learn how to get engagement in your employee HSAs and to get your employees genuinely excited about the health and wellness benefits that are essential to them:
Communicating with your employees during open enrollment is a good place to start when introducing employee HSAs but explaining the benefits throughout the year is even more beneficial. Keeping HSAs at the forefront of your employees’ minds with consistent involvement throughout the year will reaffirm to them that their health and wealth are a priority for you.
Here are some ideas for communicating the employee HSA benefits to your team:
- Hold multiple meetings.
- Begin with the fundamentals; do not assume your employees are familiar with HSAs.
- Engage them for feedback.
2. Choose the Right Provider
HSAs are solely for the purpose of transforming employee health-care costs into a tax-deductible business expense. This tax credit is intended to promote and enable firms of all sizes to provide affordable employee health insurance programs to their employees. However, the ideal Employee HSA provider for your company is determined by the demands of your company. HSA providers can be compared by using a few fundamental criteria:
- Transparency: HSAs are often advertised and maintained by reputable companies with a track record of success. Regrettably, the industry is unregulated, and there are no entry barriers. To ensure authenticity the CRA encourages all Canadians to seek an independent second opinion from a reputable tax professional.
- Security: An employee HSA provider must invest substantial resources in developing a secure infrastructure to protect your employees’ medical, financial, and personal information. We recommend that when choosing an HSA provider, look for privacy policies, secure online resources, and secure payment methods.
By offering an employee HSA, you are allowing them to choose what is most essential to them.
3. Make It Easy
Healthcare is stressful enough, paying for it shouldn’t be; begin with the fundamentals. Keep your employees in mind when selecting on an employee HSA provider. Making sure the HSA provider you select is simple-to-use, encourages your employees to feel enthused about their HSAs.
Here are a few questions to ask to ensure HSA ease:
- Is the paperwork and sign-up process overly complicated?
- Does the HSA administer offering an easy-to-use web portal?
- Does the HSA provider offer flexibility and freedom for both you and your employees?
- How easy is it to submit a claim? Is there a wait time? If so, how long?
4. Allow Time for Questions
HSAs are an excellent way for your employees to save money on current medical expenses while also planning for future medical costs. You can help your employees understand and get excited about their new healthcare option by establishing a clear communication path, taking advantage of open enrolment meetings, and providing space for employees to work through questions.
After you’ve informed your staff about employee HSAs, the next step is to ensure they understand the facts and provide a safe area for them to ask questions. Your goal should be to provide your staff with the time and information they require to make well-informed decisions.
Your Health and Wellness Insights
It can be difficult to get your employees excited about change – especially in the healthcare industry – but following tried-and-true steps can lead to positive results. Employers who consistently engage their employees in open and honest dialogue make the transition easy and are committed to assisting their employees in achieving success in their health and wellness. Keeping employee HSAs at the forefront of your employees’ minds with consistent involvement throughout the year will reaffirm to them that their health and wealth are a priority for you. If you need help determining how an HSA could benefit your company, contact us today.