Top 3 ways to increase HSA employee participation

Top 3 ways to increase HSA employee participation

by | Nov 2, 2018

According to recent research, health savings account (HSA) participants are savvier health care consumers and more engaged in health care decision-making than their peers.

Relative to the general population, HSA holders are 80 percent more likely to save aggressively for future health care savings, 68 percent more likely to have a savings goal, 54 percent more confident in forecasting out-of-pocket health care costs and 46 percent more likely to research and compare costs, according to the 2018 Alegeus HSA Participant Profile Report.

Given these findings, along with the substantial benefits HSAs provide employers and employees, one might wonder what can be done to help sustain the predicted rise in HSA uptake. Whether you’re a broker or employer, there are plenty of options available to help facilitate and sustain HSA participation growth:

Educate employees

Education is essential if you’d like more employees to achieve the status of informed HSA participant. Many consumers still lack the knowledge of basic health care concepts. They need substantial training and support to understand how HSAs could benefit them. To give you an idea of the enormity of this problem, only 19 percent of the general populace can pass a basic true/false HSA proficiency quiz.

Fortunately, the benefits offered by HSAs are undeniable. Employers can expect to see a considerable increase in account adoption if they can effectively communicate the value of HSAs to their employees.

Incentivize employee participation

It’s crucial for employers to incentivize employee participation by contributing to their accounts. This is one of the most important things an employer can do if they want to see more employees opt-in for HSA and HSA-eligible plans.

Reinforce the value of HSAs throughout the year

One of the biggest mistakes employers make is only providing educational materials to employees during open enrollment. Organizations should communicate the benefits of HSAs throughout the year. It’s especially effective to focus on timely information that guides HSA holders to optimally fund, spend and invest their health care dollars.

It’s also effective to offer resources across a range of formats when discussing the benefits of HSAs. Webinars, on-demand videos, promotional displays, Intranet pages and account comparison tools are all effective options.

Most people have a hard time understanding health plans and benefits. So, while strong growth is projected for HSAs over the next few years, don’t fall into the trap of feeling a false sense of security. Consistent year-round communication, along with employer account contributions, is the best route forward for seeing increased HSA employee participation.

Top 3 ways to increase HSA employee participation

What happens to your HSA when you die?

by | Oct 26, 2018

When you set up a Health Savings Account with NueSynergy, we ask you to select a beneficiary. You should choose carefully because this will determine what happens to your HSA when you pass away. The rules are explained in IRS publication 969 (page 9).

If your spouse is the designated beneficiary

If your spouse is the designated beneficiary of your HSA, the account will be treated as your spouse’s HSA after your death. This means that your spouse will be able to use the funds for eligible medical expenses even if he or she does not have an HSA-qualified health plan. Of course, only eligible individuals can contribute to an HSA, but anyone with an HSA, including your spouse after your death, can spend the funds whether they’re eligible or not.

If your spouse is not the designated beneficiary

The account stops being an HSA, and the fair market value of the HSA becomes taxable to the beneficiary in the year in which you die.
If your estate is the beneficiary, the value is included on your final income tax return.
The amount taxable to a beneficiary other than the estate is reduced by any qualified medical expenses for the decedent that are paid by the beneficiary within 1 year after the date of death.

Top 3 ways to increase HSA employee participation

Increase your book of business by partnering with NueSynergy

by | Oct 11, 2018

It may be difficult to believe, but open enrollment season is here again. And sure as the sun rises, many clients are demanding enhanced benefits at a zero-cost increase for the new year.

When it comes to administering services such as COBRA, FSAs, HRAs and HSAs, all third party administrators are the same, right? Wrong! Over the last two decades, NueSynergy has separated itself from the competition by offering personalized, knowledgeable service and innovative technology-based solutions that have helped raise the bar in benefit value and overall experience. We call it the NueSynergy Difference.

If you have any clients that are looking to enhance their benefits at a zero-cost increase, let’s schedule a 10-minute call to discuss how we can work together to accomplish this task.

Contact us at 855.890.7239 or sales@nuesynergy.com to schedule your consultation today.

Top 3 ways to increase HSA employee participation

Open enrollment is almost here

by | Oct 11, 2018

It’s that time of year again. Open enrollment is around the corner. For many companies, this is the best time to review the health care needs of the organization. And with unemployment rates nearing historic lows, many businesses are enhancing their benefits package to recruit and retain top talent.

As some of you may be aware, enrollment in Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs) and Health Reimbursement Arrangements (HRAs) has been on the rise over the last several years. Participation in flex-benefit plans is part of a growing trend for employees looking for perks at work. This holds especially true for Millennials, the largest generation in today’s workforce.

This is where NueSynergy can help

NueSynergy offers a fully integrated suite of administration services, managed by subject matter experts with an average of 10 years direct industry experience. Our administration services include:

Flexible Spending Arrangements
Health Savings Accounts
Health Reimbursement Arrangements
COBRA
Direct Bill
Consolidated Billing

Further, NueSynergy has the in-house expertise and integrated technology to help employers maximize operational efficiencies and control rising health care costs. Our commitment to outstanding client service ensures employees have the tools and resources to manage the financial aspect of their health care. By making innovations such as insurance carrier integration, single platform administration as well as single debit card and mobile app access to all plans part of our standard solution, we have quite simply raised the bar in benefit value and overall experience.

Open enrollment and beyond

In today’s modern workforce, it’s critical for employers to recognize the role that engaged employees play in driving sustainable company growth and success. By taking the time to educate and engage with employees about their benefits package, employers can better identify what programs and services employees and their families value the most. By taking this approach, employers better position themselves to create a healthier and more productive workforce.

So if you’re looking to add flex-benefits to your company’s health plan, or need help effectively communicating and educating your employees about their available benefits, please give us a call or send us an email! We’re here to help.

Please contact us today at sales@nuesynergy.com or 855.890.7239 to schedule your consultation today.

Top 3 ways to increase HSA employee participation

St. Louis County chooses NueSynergy as benefit account administrator

by | Sep 18, 2018

Leawood, KS, (September 18, 2018) – NueSynergy, Inc., an innovative leader for over two decades in providing full-service administration of consumer-driven and traditional account-based plans, today announced they have been appointed to administer the Flexible Spending Account (FSA) benefit plan for St. Louis County Government employees.

The St. Louis County Government proudly serves over one million citizens across the Greater St. Louis area with a budget of over $600 million. St. Louis County contains nearly half of the region’s employment positions and houses nearly 65 percent of the region’s largest, publicly owned companies.

“We are enthusiastic to partner with St. Louis County to administer their FSA benefit plan. Our reputation for personalized and knowledgeable service, supported by reliable and easy-to-use technology will allow us to bring a new positive, value driven perspective to St. Louis County’s benefit account program. We look forward to developing a longstanding relationship with St. Louis County and their dedicated employees,” said NueSynergy president, Josh Collins.

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Based in Leawood, KS, NueSynergy has grown into one of the largest benefit account administrators, providing Health Savings Accounts (HSA); Flexible Spending Accounts (FSA); Health Reimbursement Arrangements (HRA); COBRA and Direct Premiums Billing services to employers of all sizes and sectors including state and local governments, as well as privately and publicly traded companies.