article thumbnail

Four High Deductible Health Plan Mistakes to Avoid

InterWest Insurance Services

Failing to offer a health savings account The idea behind HDHPs is that the money employees save on premium can be funneled into an attached HSA, which can be used to reimburse out-of-pocket medical expenses. Offering wellness programs can boost employees’ overall health, help them lose weight or quit smoking.

article thumbnail

Offer HDHP and HSAs? Follow this 4-step Voluntary Benefits Checkup

Corporate Synergies

Which voluntary benefit options are right for your employees? This 4-step voluntary benefits checkup will help you decide. As the cost of medical plans rises, employers are offering high-deductible health plans (HDHPs) and health savings accounts (HSAs) as part of their employee benefit plans.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Trending Sources

article thumbnail

Tips to refine your OE communication strategy and availability

WEX Inc.

Benefits are also not top of mind for many employees. Employees are often more focused on frequently used benefits such as vacation and paid off policies (PTO) rather than insurance, voluntary benefits and retirement plans. However, they’re most likely not communicated any differently than other benefit offerings.

article thumbnail

Four Ways to Ensure Your Group HDHP Will Fail

InterWest Insurance Services

Failing to offer a health savings account The idea behind HDHPs is that the money employees save on premium can be funneled into an attached HSA, which can be used to reimburse out-of-pocket medical expenses. Offering wellness programs can boost employees’ overall health, help them lose weight or quit smoking.

article thumbnail

3 major benefits challenges for HR and how to solve them

WEX Inc.

For example, My HSA Planner makes learning about how to utilize health savings accounts (HSAs) a breeze. Additionally, AI tools can further streamline benefits information, making it easier for your employees to digest. Voluntary benefits have been trending, offering employees greater control over their benefits package.

article thumbnail

Smallest Firms See Largest Health Insurance Hikes

InterWest Insurance Services

In those cases, Ease CEO and co-founder David Reid recommends pairing an HDHP plan with other voluntary benefit plans that can “insure” gaps in coverage, such as short-term disability plans and group supplemental health insurance plans called Gap plans. Deductibles can be added to the plan to manage premium costs.

article thumbnail

Identify Your Workers’ Needs, Consider Costs before Open Enrollment

InterWest Insurance Services

This is especially true if you are making changes to cost-sharing, introducing new plans, or offer voluntary benefits, a wellness plan or health savings account or flexible spending account. Communicate effectively Your task is to get employees out of cruise control and truly assess all of their options.