BOSTON, October 6, 2021 / PRNewswire / – Although 93% of employers find it important to be part of the long-term financial well-being of their employees through the health and pension plans they offer, only half currently offer an option to High Deductible Health Plan (HDHP) associated with an employer sponsored Health Savings Account (HSA) program.
In a recent survey commissioned by the next generation HSA provider Financial bend (Bend), 1,000 benefit decision-makers at U.S. employers ranging from two to 5,000 or more employees were asked to describe how they feel they are part of the overall financial well-being of their employees, to give their opinion on benefit providers and testing their current knowledge base on HSAs.
Almost half cited employee training as their biggest challenge when using employee benefit providers. Unsurprisingly, only a third rate their current employee benefits communications as “excellent”. And confusion seems particularly to hover around HSAs, with 56% not knowing that an employee needs an HDHP to be eligible for an HSA and 50% not knowing that an HSA stays with an employee even after losing. employment or insurance coverage.
According to the co-founder and CEO of Bend Financial Tom torre, the results further confirm that benefit education is an issue that affects not only employees, but employers as well. “Often, employers are also confused about certain benefits like HSAs and HDHPs,” he said. “This confusion and lack of clarity spills over to employees and can lead to less than optimal choices and missed opportunities to save money and improve overall financial well-being, both for employees. and employers. ”
Despite the continuing confusion surrounding HSAs, three-quarters of employers would still be likely to offer an HDHP option with an employer-sponsored HSA program if employees requested it.
“Unfortunately, many employers are still somewhat in the dark about all the benefits of offering an HDHP option with an employer-sponsored HSA program,” added Torre. “But it’s clear that even these employers are still open-minded. need to understand how they can take advantage of the smartest benefit choices to make their money work smarter for them. ”
For more information on the Bend Employer Survey, visit https://www.bendhsa.com/newsroom/new-survey-finds-educating-employees-on-health-benefits-biggest-challenge-for-nearly-half-of-american-employers.
WHAT FACTORS DO EMPLOYERS PRIORITY IN SELECTING HEALTH BENEFIT PROVIDERS?
- Cost (48%)
- User experience (44%)
- How well does their technology work / integrate with business systems / processes and other benefits already in place (40%)
- How well does their technology work for employees (35%)
WHAT ARE THE BIGGEST CHALLENGES FOR EMPLOYERS WHEN USING HEALTH BENEFIT PROVIDERS?
- Train employees (47%)
- Train HR / internal staff (35%)
- Registration (35%)
- Initial integrations (29%)
THREE MAIN MISTAKES OF EMPLOYERS ABOUT HEALTH SAVINGS ACCOUNTS
- Didn’t know an employee needed an HDHP to qualify for an HSA (56%)
- Didn’t know that an HSA stays with an employee even after they lose their job or their insurance coverage (50%)
- Didn’t know HSAs can include investment options and be beneficial for saving for retirement (43%)
About Bend Financial
Bend Financial helps account holders and partners improve their financial well-being through a next-generation Health Savings Account (HSA) platform and complementary financial solutions, while providing employers, brokers, health plans and financial institutions of all types and sizes offer unique and cutting-edge benefits. Based at BostonBend’s forward-thinking, user-friendly approach simplifies healthcare savings and offers real-time personalized advice that makes it easy for everyone to maximize their HSA. For more information visit bendhsa.com, read Bend Blog and follow Bend on Twitter and LinkedIn.
SOURCE Bend Financial, Inc.