Now a decade after the initial offering of health savings accounts, we thought the time had come to dust off our proverbial crystal ball and take a look at what we can expect, hope and anticipate for HSAs in the next decade. Over the next several months we will touch on the emerging trends, tools and offerings in the HSA space and how those impact employers and employees, as well as brokers and agents.

Our first topic focused on understanding HSA plan data. Now that we know all the data that is available and the importance of actually looking at it, we would like to discuss how to take action with that data through meaningful trends and a plan to execute.

Finding trends

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With a better understanding of the data available, employers have the ability to more closely track trends in their group. We view the following metrics as probably the most significant aspects of account trends to monitor, including:

  • Percentage of accounts with employee contributions
  • Contribution to distribution ratio
  • Distribution frequency versus benchmark average
  • Remaining balance to contributions

These trends point to different behaviors of employee accountholders, which are helpful to consider when creating tailored communications. For example, if employers identify that employees regularly spend their account balances and aren't realizing the benefits of saving in the account, they can implement a tailored communication plan on the importance of building long-term wealth in their HSA.

Execution

Employers need to have a plan for what they hope to accomplish within their HSA plan offering — what problem they need to tackle — based on the reporting data and trends. We have identified a six-point plan to better manage this process, including the following steps:

  • Identify the item/problem to impact
  • Choose the best way to impact the result
  • Identify the measure of success
  • Deploy the necessary resources
  • Regularly review
  • Make adjustments

By identifying existing problems, developing an action plan and analyzing the reporting trends over a period of time, employers can review their progress impacting change in their HSA plan and employee behavior. While many employers are strapped for time and resources, business partners, including HSA administrators and brokers/agents, have the experience and knowledge to help in driving positive change.

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