What Makes an HSA Program Successful?
Implementing a new healthcare option can be a long and arduous process. It can be frustrating to rollout a new healthcare option to dismal enrollment rates. To make your hard work payoff, you may need to examine your approach to the program design.
The benefits HSAs offer you and your employees will most likely go unrealized unless your HSA program is designed to encourage participation. Below are plan design recommendations and examples that can maximize your enrollment potential.
Plan Design Recommendations
Incentivize the Program
Premium costs of HSA-compatible plans are typically lower than traditional plans; however, with the lower cost is a higher deductible. Here are a few things you can do to ease the transition to your HSA program.
- Offer to pay a higher percentage of the premium
- Provide two HSA-compatible plan deductible levels
- Pay the monthly fees of the HSA
- Contribute to your employees' HSAs
Education & Communication
HSAs are relatively new, so education is extremely important. A recent HSA Bank survey found that employers that spent more than an hour on education had an increased acceptance rate.
- Begin your communication early, well before enrollment begins
- Educate your employees and their spouse (when applicable)
- Utilize HSA Bank's Employer Communication Kit, which provides:
- Timely and relevant communications to distribute to employees
- Webcasts and Adobe® Flash presentations available for download