Picwell Blog

Take the Guesswork out of Health Savings Accounts with Interactive HSA

Jul 8, 2020 12:12:14 PM / by Picwell

High deductible health plan. Health savings account. Out-of-pocket expenses.

For many of your employees, the above terms cause immediate confusion, fear, and worry. As a benefits professional, it is your job to alleviate these concerns and help your employees feel more confident when choosing health insurance for the upcoming year.

Before effective decision support solutions became available, there was no easy way to educate and guide your employees to the best healthcare plans for their needs. Now, when you provide a tool like Picwell DX, your employees can answer a few questions and easily see which health insurance plans make the most sense for their particular needs.

In many cases, a high deductible health plan (HDHP) combined with a health savings account (HSA) is the best option. Unfortunately, lack of knowledge around HSAs deters many people from even enrolling. 

In fact, a recent study found that 69% of employees who declined to enroll in an HSA did so because they either don’t see any benefits to an HSA or don’t understand what they are. Of those employees surveyed, 62% stated they would use tools to help them decide how much to save in their HSA each year, if it was offered by their employer.

This proves that not only do your employees want guidance when it comes to health insurance - they need it. Not just for choosing plans but also what to do with the plans they’ve chosen. 

So, what if you could take benefits decision support one step further and help your employees understand exactly why enrolling in an HSA makes the most financial sense?

With Interactive HSA, now you can.

Interactive HSA is the first tool of its kind that provides hands-on education and guidance around HSA enrollment and contributions - and it integrates directly within your existing Picwell DX solution!

Within a few minutes, your employees will learn exactly what an HSA is and why it’s important to make contributions throughout the year. Interactive tools like a “Pick Your Contribution” slider and per paycheck and tax savings calculators allow your employees to see what they can afford to contribute and how it might affect their financial health now and in the future. 

Interactive HSA also educates your employees on the long-term benefits of an HSA (like a triple tax advantage), provides answers to Frequently Asked Questions, and compiles insights reports so you can track outcomes and overall success.

 

Let’s face it - when it comes to health and finances, your employees can’t afford to make the wrong decisions this year. Help them make the right ones with Picwell DX and Interactive HSA.

Click here to learn more about Interactive HSA and schedule a demo.

 

Topics: Benefits Decision Support, Health Insurance, Consumer Directed Health, HR Tech, benefits advisors, employee benefits, benefits professionals, health savings account

Picwell

Written by Picwell