With open enrollment season approaching, now is the perfect time to begin having conversations with your employees about their health benefits, such as health savings accounts (HSAs) and the plethora of benefits these types of accounts offer. It can be difficult to explain the ins and outs of HSAs, so be sure to follow the below tips to ensure you and your workforce are in the know and ready.

Tip 1: Focus on HSA account education

HSAs are becoming increasingly popular as more companies offer high-deductible health plans (HDHPs), which can be paired with HSAs, giving employees more options when it comes to their health care. Employer contributions are often key to encouraging HSA adoption among employees, so it's important that employers provide employees with up-to-date information about HSAs and how to best use their accounts. HSAs are one of the best long-term savings options for three reasons:

• Ownership: The money stays with the employee regardless of the employer.
• Triple tax advantage: HSAs offer tax-free deposits, earnings and withdrawals.
• Saving for the future: After age 65, HSA dollars can also be used for non-health care expenses without penalty – although participants must pay the tax. Accountholders age 55 or older can also make annual $1,000 "catch-up" contributions.

Tip 2: Share how HSAs can assist COBRA premiums

HSAs offer many advantages your employees might not be aware of, such as how HSA funds can be used to pay for COBRA premiums. COBRA coverage enables employees and their families to keep their current employer's health insurance for up to 36 months during uncertain life events, like job loss, death of a loved one or divorce.

Tip 3: Help employees build financial security

Helping your employees take a proactive, holistic approach toward financial wellness by examining health care savings, savings accounts, retirement funding and COBRA considerations can provide a roadmap to make their hard-earned funds work more for them in times of crisis.