When it comes to health benefits, “You don’t know what you don’t know” is a familiar theme for many employees. Unfortunately, lack of health benefits literacy, including low awareness of what’s available, where/how to access benefits, and what is covered can lead to missed opportunities to improve care, result in higher out-of-pocket expenses, and erode future savings.
Health savings accounts (HSAs) are one of the few benefits that can support everyday health while empowering employees to save money for current and future needs; However, lack of account literacy can be a barrier to enrollment and appropriate utilization. For HR teams, this can ultimately reflect negatively on your company’s benefits program. But, you can change this dynamic by educating employees about how to use HSA expense tracking as a savings strategy.
