October 15th is National HSA Awareness Day and it’s the perfect opportunity to educate yourself, and others, about the many benefits HSAs provide. Health Savings Accounts (HSAs) are a critical tool in the arsenal of employers who are passionate about helping their employees in the arena of healthcare. HSAs empower individuals and families to be in charge of their healthcare journeys, allowing them to save tax-free dollars, roll them over year to year, and use them for eligible medical expenses whenever the need arises.
What is an HSA?
An HSA is a savings account that individuals can use to pay for qualified medical expenses. In order to open an HSA, you must be enrolled in a high-deductible health plan (HDHP). The money that individuals contribute to their HSAs is tax-deductible, and the earnings on the account are tax-free. This means that individuals can save money on their taxes while also saving money for future medical expenses.
Celebrating HSA Awareness
HSA Awareness Day is a day to celebrate the benefits of these important healthcare accounts and help others understand how they can benefit from them. Here are five great ways to celebrate HSA Awareness Day with your employees.
- Host an HSA Fair or Webinar: One excellent way to celebrate HSA Awareness Day is to put together an HSA webinar or fair that can educate employees about the benefits of an HSA and how to get the most out of it. Consider inviting a representative from your HSA administrator to attend or lead the seminar, or ask your own HR and benefits teams to put together fun and informative materials to share with employees. Another option would be to create a virtual HSA fair with booths staffed by HR and benefits professionals who can share their knowledge with employees who visit.
- Host an HSA “Hackathon”: An HSA hackathon is a fun event that can help employees get creative with their HSA funds. The event could involve an HSA-focused scavenger hunt where participants must find and photograph eligible medical expenses, or it could be a challenge where employees compete to come up with the most creative ways to maximize their HSA funds. Offer prizes for the most innovative ideas, and be sure to publicize the event beforehand to get everyone excited.
- Offer HSA Incentives: Many employers already offer employer contributions to their employees’ HSA accounts, but HSA Awareness Day could be the perfect time to sweeten the pot for employees. Consider matching a certain percentage of contributions made by employees, or offering a bonus incentive for those who open and fund an HSA for the first time. If you decide to go this route, be sure to promote the incentives widely to maximize their impact.
- Put Together an HSA Toolkit: Some employees may be hesitating to open or fund an HSA because they’re not quite sure how to get started. To help them overcome their concerns, consider putting together an HSA toolkit that includes easy-to-follow instructions for opening an account, information about eligible expenses, suggestions for maximizing HSA funds, and advice for managing HSA accounts over time. Distribute the toolkit widely to all employees, and consider providing additional one-on-one support for those who are struggling.
- Highlight HSA Success Stories: Finally, consider sharing the stories of employees who have successfully used their HSA funds to pay for healthcare needs. These stories can be shared through newsletters, social media posts, or featured in a company-wide meeting. These stories can help other employees better understand the power of HSA funds, and may inspire them to get more involved with their own HSA accounts.
How to Win with HSAs
HSA Awareness Day is a great opportunity to promote the benefits of these critical healthcare accounts and to help employees get the most out of them. Employers and brokers have a wealth of options at their fingertips to help celebrate the day, from hosting webinars and fairs to offering incentives and highlighting success stories. Whatever approach you choose, the important thing is to get the word out about the incredible potential of HSAs to empower and protect families in their healthcare journeys.