BENEFITS FOCUS

HSAs: Unleashing their full potential

As open enrollment season comes to a close, it’s a good time to think about how to continue the momentum and energy around financial wellness into the new year. We have found that an ongoing cadence of educational communications can help employees stay engaged by providing the information they need to make the most of their HSA all year long.

Health and wellness are especially top of mind for employees. While a high‑deductible health plan (HDHP) paired with a Health Savings Account (HSA) can help employees manage health care expenses and save for future expenses, many employees may not understand how to use their accounts to their full potential and could be missing out on key benefits.

How we can help

We’ve designed our 2022 HSA educational program to help employees understand how to optimize their HSAs to financially prepare for short‑ and long‑term health care expenses. The program delivers helpful information and guidance through a steady stream of emails, webinars and online content throughout the year. Here’s a look at some of the key topics we’ll focus on next year:

  • Boost your balance. Communications will help employees understand the importance of building their account balances for the future through increased contributions and/or decreased spending.
  • The value of investing. A series of emails, a new webinar offering and online content will help employees consider investing a portion of their HSA balance for potential long‑term growth.
  • Tips to simplify account management. Communications will highlight features and tools to help make it easier for employees to manage their accounts.
  • Special focus on HSAs during open enrollment. An engaging digital experience and educational webinar series will help employees make health and benefit decisions for the new year.

Key takeaways

Download our 2022 HSA educational program schedule to learn what to expect throughout the year and help you plan ahead.

Talk with your Bank of America representative about plan design strategies that can help engage employees and boost participation.