What matters in an HSA provider to drive adoption?
Organizations that offer HSAs emphasize quality service, low transactional fees, employer matching, and employee education as proven drivers of adoption.
Great customer service, employee education, access to investing, and low fees makes the difference between HSA adoption and cost-savings and unhappy, disengaged employees.
Understanding what matters most, and where the barriers to adoption lie, enables brokers and employers to find and work with an HSA provider that helps support adoption and employee education.
of organizations rate quality service as their top priority for an HSA provider.
What features are most valued in an HSA provider?
Lack of education and confusion are chief barriers to HSA adoption
Over half of those who offer HSAs feel that lack of education about their value or confusion between an HSA and Flexible Spending Accounts and Health Reimbursement arrangements prevent employee adoption. Notably, 23% do not have an issue with adoption.
What is the biggest challenges in supporting HSA adoption?
of organizations say lack of education around the value of an HSA is the biggest barrier to adoption for their employees.
Benefits providers and brokers have an opportunity to ease their clients’ burden by offering an easy-to-use HSA with built in employee education and knowledgeable, accessible support.
Doing so will help create a “noiseless” experience for employees and HR administrators.
While lack of education is the biggest barrier to adoption, 63% also say that benefits education is the most challenging aspect of benefits administration and takes more time than expected for 30%.
say lack of education of the biggest barrier to adoption
70% of HR leaders use open enrollment as the main time they educate employees about benefits through printed and digital material, benefits fairs, and in-person information sessions. Only about 50% of organizations offer these types of employee education events year round.
use open enrollment as the main time for benefits education
Analysis and action items for brokers and employers
Choose the right provider to drive HSA adoption and take the burden off your HR team
Look for a provider who offers in-product and ongoing employee education and an easy to use product.
Working with a provider that illustrates the value of an HSA to employees, demonstrates how to get the most out of it, and offers simple technology, a native mobile app, and easy access to investing will help reduce the “noise” that HR teams hear from employees about their HSA and drive adoption..
Set education and adoption goals, offer consistent resources and opportunities to learn about benefit options, and partner with your providers for education support.
If your provider cannot support your education and adoption goals, find a provider who can.