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.

Encour­ag­ing Participation

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.