Your clients may be looking for ways to help mitigate their overhead but still help their employees. One way for them to do so is to look at their health care benefits and provide a high-deductible health plan at a lower cost.
While this does help provide an avenue for your client to address some of their health care costs, their employees now pay an increased amount in out-of-pocket expenses (deductible, co-insurance, prescriptions, etc). This could have a significant impact on their employees’ financial goals, adding a level of stress that could impact their ability to perform their duties and, in turn, potentially reduce a company’s overall performance.
So, how can we help your client stay on target with health care costs while still providing an avenue to help their employees?
Many high-deductible health plans have a health savings account (HSA) associated with it, allowing employees (and sometimes employers) to save funds towards covering out of pocket expenses. But how does the employee know how much they are able to contribute to their HSA? What is affordable in their financial situation versus what isn’t, varies by person and providing that recommendation can involve a lot of time and effort. After all, this type of question is one that only the employee can answer. What a client can do, however, is provide the tools and resources for an employee to research their financial questions, to help ease their minds.
What your client needs is a comprehensive financial wellness program that is personalized to help their employees in their specific situation.
Employees should be able to answer a quick series of questions that provides a personalized answer on what steps they need to take to become financially fit. Providing an avenue by which they can calculate how much they should save in case of an emergency, or in this case, how much to put into an HSA is helpful in determining steps in their financial plan.
By helping to reduce financial stress through financial education, employees are able to make informed decisions to be fiscally prepared when the discussion of having an HSA is available.