Open enrollment for health benefits is underway for manycompanies and it will continue through the end of the year. Andwhile this is a prime time for employees as they enroll in benefitsthat will protect their health, their finances, and keep theirfamilies secure for the coming year, it is also a crucialopportunity for employers to positively position themselves withtop talent. Increasingly, companies are using their benefitspackage as a tool and differentiator for talent acquisition andretention.

Consider a recent MetLife survey that explores what the insurer describesas “a new age of benefits.” The survey found that:

61 percent of employees say they are more likely to accept a jobthat offers health and well-being benefits,

59 percent say health benefits would make them moreloyal,

51 percent say they are more likely to accept an offerthat comes with financial benefits, and

53 percent say they would be more loyal to a job that hasbenefits that help them get their finances in order.

The growth of high-deductible health plans (HDHP) iscontributing to an increase in popularity for flexible spendingaccounts (FSA) and health savings accounts (HSA). In fact, HSAenrollment was up 53.7 percent in 2016, and there were 27.4 million FSAs in use last year, a numberthat is expected to grow to 32.3 million by 2020.

These tax-advantaged accounts can help cushion the financialburden of HDHP coverage for individuals and families byallowing account holders to set aside pre-tax money to pay forcurrent health expenses while, in the case of HSAs, saving forexpenses in retirement.

For all that expanding popularity, though, FSAs and HSAs are only useful if employees understandthem. If employees lack this knowledge, they may not enroll or theymay not use their account to its full potential.

So, what can brokers and employers do to maximize enrollment inthis valuable benefit and help employees become savvy health careshoppers during open enrollment? Start by communicating thefollowing information to employees.

1. The key benefits of opening an account. Thevalue of saving for health care expenses cannot be over emphasized,but there are few key benefits that employees should be aware of,including:

Triple-tax savings;

Convenience;

Meeting out-of-pocket maximums, copays andcoinsurance;

Supplementing health plan coverage;

Saving for “big ticket” items or expenses, such aselective surgery; and

Saving for expenses in retirement.

2. How to maximize contributions. The amounteach employee contributes to his or her account will depend ontheir individual circumstances. Start by educating employees aboutthe current contribution limits, the tax benefits of funding theiraccounts, and relevant employer matching, and tools available tohelp them estimate their annual health care needs. Considerdirecting employees to an online FSA or HSA calculator to help themplan their contributions and estimate savings.

3. What, if any, spending deadlines apply. Thisapplies only to FSAs. If your FSA has a spending deadline, be sureto communicate that clearly to employees. You will want to taketime to clarify any extensions that you offer, as well, such as aCarryover Option (this allows employees to roll over up to $500 inunused FSA dollars from year to year), a Grace Period (this givesaccount holders an additional two-and-a-half months to spend downtheir unused FSA funds), or a Run-out Period (this gives employeesextra time to file reimbursement requests for expenses incurred inthe previous year).

4. How to track expenses throughout the year.One easy way to relieve the stress of managing spending deadlinesis to help employees track their expenses throughout the year. Noonly should you encourage employees to anticipate potentialexpenses, but consider connecting them with online tools that canhelp them track their spending as the year progresses so they avoidany surprises at year end.

5. How to invest HSA funds. A unique feature ofHSAs is the ability to invest a portion of unused funds intostocks, bonds and mutual funds. If your HSA comes with aninvestment platform, be sure employees understand how this featureworks and how it might benefit them.

6. What is an eligible expense? The list ofeligible products and services for FSAs and HSAs is long, diverse,and sometimes surprising. While many people think about eyeglasses, contacts or dental expenses when using their spendingaccount, the eligibility list covers many unexpected items, suchas:

Defibrillators,

Prenatal vitamins,

Glucose monitors and supplies,

Wearable blood pressure monitors,

Lip balm (with an SPF of at least 15), and

Breast pumps.

Helping employees understand what’s eligible enables them tomake wise use of their accounts for timely, personally relevantproducts and services. Online eligibility lists make it easy foraccount holders to get current information about how and where theycan spend their money.

7. How to save time and reduce health carepaperwork. Not only can people save money with an FSA orHSA, but they can save time and eliminate paperwork by using an FSAor HSA debit card. Because the card links directly to anindividual’s account, giving them immediate access to funds whenthey are making their purchases, they do not need to file a claimfor reimbursement.

FSAs and HSAs can be powerful tools for people who understandthem and know how to take full advantage of their unique benefits.Ensure that your employees have the information they need bycommunicating clearly and consistently about these key topicsduring open enrollment and throughout the year.

Jeremy Miller is president and founder of FSAstore.com/HSAstore.com, companion websitesdedicated exclusively to consumer education and selling productsthat are eligible for reimbursement with a Flexible SpendingAccount (FSA) or Health Savings Account (HSA).