No business can afford to ignore millennials who form around 30 percent of the country’s total workforce. Slowly but steadily, businesses have started realizing the importance of appealing to millennials and are offering benefits customized to address specific pain points of their employees. Though millennials expect their employers to do much more than caring for their health, health insurance still remains one of the most desirable benefits. Over the years, many businesses have shifted to high-deductible plans. To help their employees save more, these businesses have started offering Health Savings Account. HSAs do not merely have three tax advantages, they also open new investment avenues for account holders. Further, the account is portable, which means the balance keeps on growing, even if the person makes a career change. If you are yet to offer HSA to your employees, now may be the best time to stop thinking, and start doing. To help, we take a look at the reasons for offering it, and the steps you can take to spread awareness about HSAs and encourage participation.
Why Offer HSAs?
Salary is not the primary motivation for millennials. They expect their employers to take good care of them and are more interested in perks that their employers offer. And what better perk to offer than HSA? Millennials like to be in control of their decisions, and HSA exactly allows them to do that. HSA holders are in the driver’s seat when taking important decisions, and can choose to spend, invest or carry over funds from one year to another. Many reputable employee benefits consultants in Alameda County such as Arrow Benefits Group provide expert guidance on HSA benefits.
Millennials hate to wait. Unlike the good old days, when people had to work hard to get answers to their questions, technology has made it possible for millennials to access information in the bat of an eye. To encourage participation, offer mobile apps and a user-friendly online account. Make sure the benefits are available round the clock, and partner with a provider that offers 24/7 support. Choose an account that incentivizes participation and has a low investment threshold.
Communicating HSA Benefits
To communicate HSA benefits with your millennial employees, set up social media campaigns. To engage your target audience, keep the tone conversational. Encourage your employees to ask questions. Instead of just telling them the benefits of HSAs, use different aids such as infographics, visuals, and videos to give your millennial employees food for thought.
HSA is an awesome benefit to offer to your millennial employees. To ensure its success, you need to come up with a solid strategy. Whether you are having problems picking the right plan for your workforce or are facing difficulties in coming up with an effective communication plan, Arrow Benefits Group can help. We are a known name in the benefits landscape. To learn more about us, call at 707-992-3780.