According to the Vice President of HR Florida State Council, Jennifer Gunter, “the future of benefits is going to be about employee choice. A one-size-fits all approach simply won't work as individuals seek out to the healthcare package that’s best for their family. From healthcare to retirement, the best employers will provide employees with a menu of customizable options.”
Tax-exempt savings accounts, like HSAs, are one of many supplementary benefits available to employees but the array of voluntary benefits extends from pet insurance to hospital indemnity to telehealth. Offering these types of choices under a group plan can be hugely enticing to employees, and helps engage top talent at no extra cost to the company.
How to Encourage Use of HSAs
As more employees opt for lower premium, higher deductible HDHP insurance plans, HSAs provide a safety net as well as a savings vehicle for employees. However, because most individuals who opt for HDHPs do so to reduce costs, employers must clearly communicate their long term benefits to encourage employee adoption.
Because HSAs roll over, they can have a long-term impact on employee savings for retirement. “When employees think about saving for retirement, they don’t always think about the medical expenses,” says Gunter. “HSAs can be a huge savings vehicle for medical expenses after retirement.”
A comprehensive benefits offering ensures employees can focus on their work rather than medical or financial stressors. Even if they don’t see an immediate impact, they’ll be thankful to be prepared if an emergency arises. According to Gunter, “in order for employees to perform well and stay engaged, good health coverage is a must.”
It’s said that variety is the spice of life. When it comes to employee benefits, variety will continue to be a staple of a comprehensive benefits package. Work closely with your benefits broker to make sure you’re taking advantage of low cost, high impact voluntary benefits. With a thoughtful and customizable offering, employee engagement and productivity will keep going up.
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