For many employers, the use of flexible spending accounts (FSA) and health savings accounts (HSA) is becoming increasingly popular. While these accounts offer employees an easy way to save money on their healthcare costs, many are unsure how to use these funds to their full advantage. As an employer, it’s important to help your employees understand how these accounts work so that they can get the most value out of them. In this article, we’ll explore ways employers can help educate their employees on using their HSA and FSA dollars.
Host Educational Seminars and Webinars
One of the best ways to educate your employees about their FSA and HSA accounts is by hosting educational seminars and webinars. Invite financial and healthcare experts to give talks about the latest trends and techniques in savings. For example, participating employees could learn about the differences between HSA and FSA and the importance of timely filing.
Provide Interactive Resources and Tools
Another valuable way to help your employees learn how to use their FSA and HSA accounts is by providing interactive resources such as online calculators, articles to read, infographics, or even videos. Tools such as HSA/FSA eligibility checker and online calculators can help your employees identify their eligibility for HSAs or FSAs and estimate their tax savings, respectively.
Encourage Participation in Vendor Programs
Many FSAs and HSAs come with vendor programs that offer discounts and promotions on medical expenses and other health-related goods and services. For instance, there are vendor programs for ear care products, occasional medical care, and even medicine purchases. Encourage your employees to participate in the vendor programs available and be proactive in highlighting the benefits. Your employees will appreciate the savings on their everyday medical expenses, which can encourage them to contribute more to their accounts.
Share Relevant Information Regularly
As an employer, it is important to regularly communicate and remind your employees about the FSA and HSA accounts and how they can help them save money. You can achieve this by regularly sharing information with your employees, such as account balances, eligible expenses, any changes to account limitations, and other relevant news. This way, your employees stay informed and can better understand how the accounts work and how they can best use their contributions.
Offer Incentives for Good Usage
Offering incentives to your employees who use their FSA or HSA account regularly can be an effective way of encouraging participation. For example, offering $50 to all those who have fully utilized their contributions to the account or giving a wellness day off to people with the highest FSA or HSA over-utilization can encourage responsible spending among employees.
Helping your employees understand how to maximize their FSA and HSA dollars is an essential part of providing an excellent benefits package. Contact us for guidance in creating and offering educational resources for your employees. By providing your employees with the right tools, information, and incentives, you can help them get the most out of their FSA and HSA accounts and ultimately create a happier and healthier workforce. Our team at Benefits Advisory Group is ready to help!