By Pension and Benefits Editorial Staff
HSA Bank’s latest white paper titled, "7 Ways to Optimize Your Health Benefits Program," provides strategies 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, and
- 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."
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