Press Release: HSA Bank white paper reveals that only 10% of employers are very confident that their employees understand health plan choices
Milwaukee, July 24, 2018 — HSA Bank, a division of Webster Bank, N.A., released a new white paper today for employers and benefit consultants that addresses the lack of understanding many employees have when it comes to complex health insurance decisions.
According to a recent survey, only 10% of employers are very confident that their employees understand the choices they are making when it comes to health insurance.* Employees may make the wrong decision on health plan based on uncertainty about plan cost sharing amounts, fear of a high deductible or out-of-pocket maximum, or lack of plan evaluation. With so many factors influencing the health plan that is right for a particular employee and their family, it is essential for employers to provide the tools necessary to evaluate plan options, and help them understand the significance of their decision and its impact on their physical and financial health.
HSA Bank’s newest white paper, titled Are your employees selecting the right health plan?, provides insight into:
Why employees may choose the wrong health plan
How employees can evaluate health plans to make the best decision for their situation
What employers can do to help employees during the health plan selection process
"It's important for employers to educate employees on health plan selection and teach them how to evaluate plans," said Chad Wilkins, president of HSA Bank. "HSA Bank’s Health Plan Comparison Calculator is just one way to help employees make the best decision for their unique situation."
To learn more download the white paper.
*Results from a proprietary third-party survey commissioned by HSA Bank, April 24-26, 2018, surveying 100 human resources and benefit professionals.
About HSA Bank
At HSA Bank, we’re working toward a world where everyone is empowered to save for a healthy future. By providing the right tools and resources, we make it simple for our 3 million members nationwide to maximize their savings for healthcare and long-term goals. As a leader in health accounts for over two decades, we continue to innovate. Our offerings in the healthcare savings space drive down healthcare costs, increase access, and assist with decision-making for consumers, health plans, partners, and advisors. As of September 30, 2020, HSA Bank had $9.4 billion in total footings comprising $7.0 billion in deposit balances and $2.4 billion in assets under administration through linked investment accounts.