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Leadership speaking to employees

Communicate

Ask yourself, as an organization, “what do we WANT?…what do our employees WANT?…how do we create the AND?” 

Insights from our qualitative research study1 indicate consumers struggle each year during open enrollment because it’s:
 
  • Intimidating they are overwhelmed with a deluge of information.
  • Confusing with the vast number of technical terms and acronyms.
  • Impersonal consumers do not confidently understand “what is right for me.”
  • Complicated with a variety of cost-structures, co-pays, and out of pocket costs.

 

We’re cracking the code for you, right here, right now.

Don’t assume.  Don't rely on incoming knowledge of High Deductible Health Plans (HDHPs) or Health Savings Accounts (HSAs) – assume consumers know nothing about insurance plans.

Be personal.  Use a “people like me” approach to help consumers match their profile and needs with a plan recommendation and expected cost.

Use simple language. Give clear, concise & concrete information regarding terminology, acronyms & cost structures.

Offer easy self-help tools.  Provide interactive tools for guiding decisions in a personal, customized manner. For example, at PayFlex, our members enjoy interacting with Pete, the friendly virtual host who helps explain the ins and outs of health care accounts. 

 

To unlock the potential of your HSA offering, the following are most appealing to consumers:

Packaging the HSA with a HDHP.  Consumers find HDHP’s more appealing when they are offered with an HSA than when they are offered alone.

Money that follows you to a new job.  Consumers like that the money stays with them – so that they can save without concern for losing the money if their professional situation changes.

When employers contribute.  Perceived to be “free money” and akin to a 401(k) match.

Money rolls over year to year.  Consumers tend to confuse this offering with features of an Flexible Spending Account (FSA). They like that they do not lose, or have to scramble to spend health savings funds at the end of the year.

Investment options.  Many were surprised to hear that 401k-esque investment options are available. They’re interested in learning more about how they can grow their HSA funds through investing. 

 

Like peanut butter and jelly, some things are best together.  Consumers are interested in the combined taste of the HDHP + HSA.  They simply go together – one without the other is not appealing. 

1 PayFlex qualitative research study: Finding the right words, conducted by Smarty Pants November 2017 

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