HSA Administration Company, Clarity Benefit Solutions, Shares Out-of-the Box Ways to Increase Health Savings Account Enrollment

PR Newswire

NEW YORK, April 23, 2019 /PRNewswire/ -- HSA Administration Company, Clarity Benefit Solutions, shares out-of-the box ways to increase Health Savings Account (HSA) enrollment.

HSAs have been thrust into the limelight since the Trump administration has been working with Congress to replace Obamacare. As a result, consumers may be unsure how—and when—they should maximize their HSAs. The following are out-of-the-box ways to increase employees' HSA account enrollment.

Tell a story. While delivering HSA information in a number of formats such as email, print, webinars, flyers, and social media, it is paramount to educate employees on the importance of HSAs. Providing real-life examples can also be a powerful tool. Tell a compelling story with real-life examples on how people have saved on their taxes by making various HSA contributions. Ask employees if they are willing to share their success stories. Try to find employees who have used their HSAs for a wide variety of reasons—to pay off medical bills and save for retirement, as an example.

Hit a triple. Chances are, that most employees don't realize that HSAs offer triple tax advantages. Their contributions are tax-deductible, and they grow tax free. Plus, any withdrawals will not be taxed as long as employees use them for qualified medical expenses. Examples include prescription drugs, dental care, and doctor's visits. Make sure employees realize how versatile HSAs are.

Take a chance. Don't be apprehensive about going negative when touting the value of an HSA. Rather than highlight what employees may gain, focus on what employees have the potential to lose if they do not take advantage of HSA enrollment. Tell them that their HSA tax savings will be lost—as it is money already in their possession—and they could be spending it on amazing HSA-eligible expenses or being taxed on these funds.

Close the deal. To boost HSA enrollment, it is vital that employers make the enrollment process simple and seamless. Provide them with clear, concise information on how to enroll. Make sure this information is presented in a variety of formats so they can absorb this information via the method they choose. Remind them that they can enroll, and contribute, to an HSA at any time. This way, they won't feel pressure to do so only during the open enrollment period.

About Clarity Benefit Solutions: Clarity Benefit Solutions HSA Administration provides technology that makes the health insurance plan selection process fast, easy, and straightforward. For over two decades, we have provided clients with industry-leading technology, compliance, and exceptional customer service. Our offering is designed to save time and lower the costs of managing benefits while also promoting employee self-service and automated ACA compliance.

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