Partners / Defined Contributions and Wellness Solutions

Defined Contributions and Wellness Solutions

HSA Bank offers a complete multi-account defined contribution solution integrated with a private insurance exchange, or "insurance marketplace," creating a comprehensive, easy-to-use experience for employers and consumers.

How Defined Contributions Work

Our defined contribution solution helps employers control costs by establishing a predictable employee benefits budget, while giving employees a wide variety of options and the right resources to make good decisions about which health plan is right for them. Consumers can budget for and select health benefits that fit their needs, shop for insurance, and manage accounts throughout the year. With the integrated Defined Contribution approach, the defined contribution account is the benefit, and it stays with the employee all year.

In a defined contribution plan, the employer designates a fixed amount of money for each employee. Employees then use that money to purchase insurance products that meet their specific needs and those of their dependents. An intuitive, online enrollment process helps employees shop for insurance products by answering healthcare questions such as how often they visit the doctor, if they have dependents, if they are concerned about prescription costs, and how much they would like to allocate for their premiums and deductibles. Employees can use pre-tax dollars to buy additional insurance or put money in an account, such as a HSA, for qualified health care expenses. The result is the ability for employers to lock in healthcare budgets, reduce administrative work, save thousands of dollars in taxes and premium expenses and create real choices for employees.

How Wellness Solutions Complement CDH Plans

Wellness incentives create a culture of health with consumer-directed health plans. When employers engage their employees in their health, they have an opportunity to not only lower healthcare costs, but play a role in healthier and more productive employees.

One of the easiest wellness incentives is to offer an additional HSA or HRA contribution to employees who complete a health and wellness initiative. And when wellness contributions are made, we'll make sure to encourage employees along the way with wellness-specific messages including descriptions on their account statements.

At HSA Bank, we can integrate with a variety of wellness activity tools and vendors, making it easy for your employers to work with us on their wellness initiatives.

Pair our account-based benefit solutions to your wellness incentive program to maximize the return in your CDH program. Incentive points can be converted into dollars, which can go into a Wellness-specific account, an HRA, or an HSA.

How to Get Started

Using the HSA Plan Setup, sign up clients today for HSA Bank's HSA program.