Employer Plan Sponsors

Over the past decade, employers have been experiencing skyrocketing health insurance costs and it’s taking a toll on the bottom line. To alleviate the problem, many employers have shifted to a “consumer driven” health care model called a Health Savings Account. Financially, the HSA plan makes a lot of sense.  But logistically, it can be a nightmare if the employer does not follow through with ongoing employee HSA education.

Due to HIPAA and a number of other laws, the employer is restricted in how much advice can be given to an employee. No discussions about personal medical history or answering questions like “where should I buy my cholesterol medication?”. Or, “How much should I save in my Health Savings Account?”.

Education continues after the initial enrollment, and sometimes the easiest way to do that is by leveraging a free online resource like HSA Consumer to assist in the months and years to follow. You should first leverage your health agent or benefits consultant as much as possible, but they can’t be available to employees all of the time. The agent knows the HDHP health insurance component really well, but may not get paid, or be licensed to give employees advice on the Health Savings Account component on how to spend and save their HSA dollars wisely.

I encourage you to take a look at the website, and pass it along to your HR department, staff and other employees if you feel it could add value; and assist in the eventual acceptance of the HSA amongst the workforce.