Educating employees about their health benefits options

With open enrollment approaching, employees will soon have the opportunity to make choices about their health care benefits, whether traditional types of health care plans, such as PPO or HMO, or a high-deductible health plan (HDHP) paired with a Health Savings Account (HSA).

Premiums, deductibles, co-pays and out-of-pocket costs… there are a lot of details for employees to process, compare and weigh as they think about their health benefits for the coming year. Some employees could even feel put off by terms like “high-deductible health plan”—not knowing that pairing an HSA with the high-deductible plan could provide a tax-advantaged way to help them pay for out-of-pocket expenses and save for future health care expenses. Without help to fully understand their options, employees might select a plan simply because it’s familiar or what they’ve “done before”—rather than really assessing which option might work best with their individual situation and needs.

Education is key in helping prepare employees to make decisions about their health benefits, whether during open enrollment or throughout the year. And informed employees also make better health care consumers, which can have financial benefits for both employees and employers in the face of rising health care costs.

How we can help: Employee educational resources

We are making available a number of educational resources to help plan sponsors prepare employees to make decisions about their health care choices during open enrollment.

Is an HDHP with an HSA right for me? educational webinar and on-demand seminar

This new educational webinar covers the differences between a traditional health care plan and an HDHP, helps employees think through which plan might work best for their situation and introduces the HSA and how it works. It will also be available as an on-demand seminar on the Health and Benefit Accounts Learn Center.

Virtual HSA Benefits Experience

This interactive experience conveniently connects employees to information, articles, videos and tools to help them learn more about an HDHP with an HSA and, for those who already have an HSA, how to make the most of their account.

Health Benefits Communications Toolkit

With this toolkit, plan sponsors can take advantage of ready-to-go communications for use in their company’s internal messaging channels. The toolkit provides easy access to ready-to-send emails, web banners and messaging plan sponsors can leverage in their existing communication pieces.

Key takeaways

  • Talk with your Bank of America representative to learn more about these educational resources and other ways we can support you during open enrollment and year‑round.
  • View the 2022 Virtual HSA Benefits Experience.