What are the key employee benefit challenges business face? This is the critical question we asked dozens of businesses before developing HSA Easy Pay ltd.’s prepaid HSA Mastercard payment and fulfillment solutions.
Rising healthcare costs are making Health Spending Accounts (HSAs) compensation plans a highly attractive employment benefit for employees. Supplying a comprehensive plan can help you attract and retain talent while caring for the employees who help your organization run smoothly. As the saying goes, with great benefits comes great responsibility…to make sure you address certain employee benefit challenges – not just the challenges you face but those that your employees face as well.
Health benefits are a large investment for any company and striking the balance between finding a cost-effective solution and creating value for employees can be tricky. The key to success is making sure your selected program best suits the specific needs of your employees. To learn more about the most common employee benefit challenges businesses face, keep reading!
Understanding Employee Healthcare Needs
At the core of all else, simply understanding how you can support your employees is one of the biggest employee benefit challenges you will face. Predetermined health benefits packages fail to tailor to individual employees needs because no two people or circumstances are the same. If packages try to cover all the bases by overcompensating, it can create resource waste which doesn’t benefit anybody.
On the other hand, if your benefits offering isn’t flexible or doesn’t cover certain necessary services, it can really hurt your employees. So how do you avoid employee benefit challenges like these and make sure what you offer includes everything your employees need?
HSA Easy Pay’s solutions let employees decide where to spend their HSA allotted dollars so that they get the coverage they need, where they need it. And, never have to pay out of pocket for their health needs. The freedom employees gain by spending where they want will empower them to take control of their health care needs. Happy, healthy employees are the key to stronger companies.
Educating the Workforce on Benefits
If your employees aren’t informed about how they can spend their HSA dollars, how will they make the most of them? According to CNBC, 76% of employees don’t understand their benefits compensation packages, which can cost employers more money. Additionally, it can help to become informed as the employer about what your employees want and need. What is important to them? What do they find confusing about their benefits package?
Make sure your investment is being maximized by educating employees about how they can benefit from your programs. We supply prompt support and educational resources to our clients because we know how important understanding your options is. To request a demo, contact us today!
Benefits Administration and Integration
Managing benefits for all your employees takes impeccable organization and tracking. On the employer side, your HR team must archive and integrate information between different tools to create accurate records of payroll, human capital management and more. On the employee side, they need to be able to see what amounts they have left in each spending bucket and access their personal information with ease. One of the biggest employee benefit challenges businesses face is benefits administration and integration.
The HSA Easy Pay app makes things easier by allowing you to manage benefits plans from your mobile device. You can even easily onboard employees digitally – no paperwork needed!
HSA Easy Pay technology revolutionizes the security and compliance of your HSA and WSA transactions to keep your information safe. HSA Easy Pay reduces fraud via 100% adjudication of all transactions.
So how are you supposed to find the perfect one-size-fits-all benefits package to solve your employee benefit challenges? At HSA Easy Pay, we’ve changed the approach. Our Prepaid HSA Mastercard solution allows employees to spend their employee benefit on what they need without having to send claims for reimbursement.
Our easier and more secure platform solves many of the top challenges businesses face. To find your solution today, chat with an expert!