Link 401(k) options to this year’s health care enrollment

Integrating messages about 401(k) plan elections into your upcoming health care open enrollment can remind employees that it’s a good time to also tend to their financial health.

Whether encouraging employees to enroll in their 401(k) plan, increase their contributions or check up on their investment allocations, calling attention to actions they can take to maximize their retirement plan benefit during a time when they are already focused on their health benefits can help promote greater plan engagement—and help employees stay on track with their retirement goals.

While many employees appreciate the value of an employer-sponsored retirement plan and may intend to participate “someday,” associating 401(k) enrollment or review of their current plan elections with health benefits enrollment can create a sense of urgency around retirement plan participation.

The goal is to make it as easy and seamless as possible for employees to consider their options and take action. Some employers have chosen to include simple messaging on their health care enrollment screens with a link to Benefits OnLine®, while others have built retirement plan information into the health care provider’s third-party website.

Key takeaways

Talk with your Bank of America representative about strategies you can use to encourage employees to maximize their retirement plan benefit during this year’s health care open enrollment period.
Automatic programs remain the most effective tool to promote plan participation. Consider adding automatic programs, or if you have implemented automatic enrollment for new hires only, consider retroactively auto enrolling all employees to help increase overall plan participation.
Educate employees on how using a Health Savings Account (HSA) and 401(k) account together can help them plan for the future. Share the links to the online article HSA and 401(k): Fuel your future and our Better together video.