7 Ways to Optimize Health Benefits Programs

HSA Bank provides strategies for employers

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Jun 22, 2021, 12:17 ET

MILWAUKEE, June 22, 2021 /PRNewswire/ -- HSA Bank, a division of Webster Bank, N.A., issued its latest white paper titled, "7 Ways to Optimize Your Health Benefits Program," to help businesses improve their health benefits programming for the advantage of both employees and the company overall.

The white paper offers guidance for businesses to steer their employees toward better decisions about their health plans which can help the company and its employees achieve near and long-term savings and improve health and financial well-being.

Seven key strategies are identified to create a strong benefits program to help employees confidently engage in their health decisions, which can lead to better health outcomes and retirement readiness. Businesses can benefit, too, through cost reduction and employee retention. The strategies include:

Define goals and develop a multi-year strategy
Require active health plan enrollment each year
Help employees do the math by sharing easy-to-use tools and calculators
Offer decision support to help employees identify the right plan to maximize savings
Price health savings account (HSA) plans attractively
Show investment in employees through HSA matching contributions
Ensure automatic enrolling employees for HSA contributions

"As an employer, one of the most powerful tools you can use to attract, engage, and retain employees is to offer great health benefits," said Kevin Robertson, Chief Revenue Officer of HSA Bank. "A well-designed and executed benefits strategy, aligned to a goal of improving employee outcomes, can truly benefit both employees and businesses."

The "7 Ways to Optimize Health Care Benefits" white paper is available here. Access to additional industry insights developed by HSA Bank is available here.

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 March 31, 2021, HSA Bank had $10.6 billion in total footings comprising $7.5 billion in deposit balances and $3.1 billion in assets under administration through linked investment accounts and is a division of Webster Bank, N.A., Member FDIC. To learn more, visit hsabank.com.