National HSA Awareness Day is October 15. It’s a day to learn about the value HSAs can bring your employees. Make HSAs simple and no-nonsense. Skip the jargon. Skip the confusion.
Knowledge is your ticket. Change the story.
There’s a common story in HR. You wear a lot of hats: recruiter, therapist, party planner, and benefits guru, to name a few. As a result, you answer a lot of questions.
Education is your ticket to fewer emails, IMs, and knocks at your door. The more employees understand their benefits, the more quiet time for you. HSA Day is a day to learn. Let’s change the HR story.
Countdown to HSA Day
President & CEO, SHRM
CEO, DisruptHR &
Stefanie O’Connell Rodriguez
Millennial Money Expert
They’re sure to use it. They’re bound to love it.
Employees can save on hundreds of eligible healthcare expenses, like over-the-counter medications, routine healthcare visits, eyeglasses, contact lenses, sunscreen, and more.
HSAs are employee-owned and all funds carry over, so employees can build their balances to prepare for big expenses.
Like with a 401(k), employees can invest their HSA funds for faster growth. That’s one reason an HSA rivals a 401(k) and IRA for retirement planning.
How an HSA compares with a 401(k) and IRA
To learn more about the savings scenario in this graph, click here
Why employees love HSAs
- Their funds are contributed tax-free.
- Their funds grow (with interest or through investment) tax-free.
- Their funds can be withdrawn tax-free when used on eligible expenses.
- Their funds carry over from year to year.
Why employers love HSAs
- Your contributions to your employees’ HSA are tax deductible.
- Your employees’ contributions reduce your payroll taxes.
- You save on healthcare costs, since HDHP coverage is more affordable for you.
Change the story during open enrollment.
On average, employees spend 18 minutes enrolling in their benefits. That’s the same amount of time they spend baking frozen pizza. Yet finances are a main stresser for employees. HSAs are a financial decision, not just a benefits decision.
of employees who say “better compensation and corporate benefits” are the primary reason they’re considering changing jobs (SHRM)
of employees say financial stress has caused them to either miss work or has negatively affected their productivity (PWC)
of employers say that employee financial stress is reducing workplace performance (SHRM)
How to change the story
- Present the value of your HSA alongside your HSA-eligible health plans.
- 59% of dollars in HSAs are contributed by the employer. Are you contributing to yours?
- Show how lower premiums from HSA-eligible health plans plus HSA contributions offset the high deductible.