How health savings accounts will improve, evolve with time

HR teams should look to adopt technologies that leverage AI, as it can help offload many of the manual and tedious tasks required. (Photo: Shutterstock)

Now that open enrollment time is here, many benefits professionals are recommending health savings accounts (HSAs) to their employee base. However, some people are reluctant to embrace HSAs because of the time-consuming paperwork required to enroll and manage them, as well as the complex information they often must digest in order to make the best possible HSA decisions. Fortunately, those issues are rapidly disappearing as new technologies are making HSAs easier, faster and less complicated to open and manage than ever.

New administration platforms involving artificial technology (AI) will eliminate the complex enrollment and paperwork process while giving employees real-time information and guidance on the appropriate steps to take based upon their health care and financial requirements. Along with that, benefits and HR professionals are seeking more opportunities to streamline processes and obtain better service with the help of trained HSA administrators, while quality administrators help employees navigate new regulatory and tax changes that can benefit them.