In the News
With open enrollment just around the corner, what can benefits managers do to educate and empower employees to be active users of their benefits?
While HSAs were originally introduced to employees as a long-term investment tool that can also be used to pay for eligible medical expenses along the way, employees’ usage of the accounts has drastically shifted.
Further was featured as one of Investor’s Business Daily 11 Best HSAs for 2020. The accounts were evaluated on account features, customer reviews, benefit consultants' input and Morningstar fund ratings.
“In a recent survey, only 19% of employers believe their employees have a high-level understanding of their benefits. If employees who have been exposed to benefits for years don’t understand health care, how do we expect young adults to be successful consumers of health care?"
“Employees are tapping into their HSA dollars to pay for their healthcare needs today. In fact, a recent study points out that 76% of HSA funds contributed in the last year were withdrawn. With this in mind, it's time that employers and benefits specialists position HSAs as healthcare spending tools - for building health, as well as wealth. What does that mean for employers?"
“Once patients are knowledgeable about their options and health issues, they become powerful advocates for their own care, which leads to far better patient outcomes. Additionally, when consumers apply pressure on any industry, 'it invariably produces a surge of innovation that increases productivity, reduces prices, improves quality and expands choices.' "
“Further will add 100 positions with its 17,000-square-foot office at 5900 Lake Ellenor Drive in Orlando...The new facility will initially accommodate 50 customer service associates and four leadership team members, with an eventual capacity of 100 associates.”
“As more and more employers offer HDHPs paired with HSAs, there is a perception among employees that you can no longer have a quality health care plan that is also affordable… We need to change our thinking about HDHPs and HSAs if we want to help employees make better spending choices and access health care in the right ways.”
“Oftentimes, when educating employees about their HSA, employers focus on tax advantages and the flexibility of these accounts to be used for both spending and saving. But, a lot of research shows that most people retain more information if a little bit of fun is introduced into the educational process."
“If we’re serious about achieving healthcare reform, it’s time to change our thinking about health savings accounts.”
"The gap between employer HSA offerings and employee engagement may seem as unbridgeable as the Grand Canyon. Fortunately, there’s a key to narrowing the chasm, and it lies in addressing employee health literacy."
"The scenario is all too familiar for employers and human resource managers: The year ends, and employees still have unspent funds in their flexible spending accounts. Whether employees forget that the money in their FSAs must be used or it will be lost, or they simply aren’t aware of which expenses can be covered by FSA funds, their frustration at losing money often falls on the employer."
"If anyone needed any reminding, health insurance is still an urgent matter to today’s employees. According to Employee Benefit Research Institute’s 2017 Health and Workplace Benefits Survey, 83% of the workforce said that health insurance was very or extremely important in deciding whether to stay in or change jobs. Yet research has uncovered that employees tend to delay or disengage from retirement and healthcare decisions, which they view as difficult and complex."
"HR Daily Advisor featured 23 tips to help employers increase adoption of consumer driven health plans and health savings accounts."
"Further CEO Matt Marek connected with Star Tribune health care reporter Christopher Snowbeck to share his insights on the growth of health savings accounts. "
"Further was named a 2018 Star Tribune Top Workplace! Over 2,400 companies were invited to participate, and rankings were composite scores calculated purely on employee responses."
"IBD editors identified the nine best health savings account providers to consider based on account features, customer reviews, benefit consultants' input and Morningstar fund ratings."
"When judging an HSA as a spending vehicle, the report looked at fees on checking accounts, which ranged from zero to $4.50 a month. Checking accounts at Alliant Credit Union, SelectAccount, and the HSA Authority had no monthly maintenance fees. Bank of America’s HSA had the highest fees, at $4.50."
"SelectAccount has been at the forefront of innovation in health spending accounts for 28 years, and has earned a reputation as one of the most experienced and trusted account administrators in the country."
"The top H.S.A.s for spending were Alliant Credit Union, the HSA Authority and Select Account, none of which charge a monthly maintenance fee. Bank of America, which came in at the bottom of the list, charges a monthly fee of $4.50."
"The providers aren't ranked and are listed by HSA assets. Also highlighted: the Best HSAs in Low Fees, Investment Options and Easy Account Access. SelectAccount - Category Awards: Investment Options"
"Health plan sponsors that want to offer account-based plans need to understand their goals, their workforce and the amount of control and flexibility needed."