Pig looking in mirror with coinsNot surprisingly, when employers contribute dollars to theiremployees' health care benefit accounts, enrollment dramaticallyincreases. (Image: Shutterstock)

High-deductible health plans (HDHP) and tax-advantaged benefitaccounts such as flexible spending accounts (FSAs) and healthsavings accounts (HSAs) offer significant cost savingsopportunities for both employers and employees. Yet they are stillwidely underutilized and underfunded, translating into billions inmissed premium and tax savings for both employers andemployees.

Low consumer health and financial fluency has beenwell-documented and is likely a major contributing factor. But,it's not just the employees that struggle to understand andarticulate the value of these programs. Employer HR teams are onthe front lines explaining these programs and responding toemployee questions, and often their efforts fall short of the mark,something that is unfortunately reflected in their open enrollmentadoption rates.

Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.

  • Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.