Full replacement HSA strategy and employee adoption
Customer: One of the largest US-based commercial bank holding companies
Member population: 8,000 HSA members & 3,300 FSA members
Scenario: Offers variety of account-based solutions to meet employees’ needs.
Goal: To encourage employees to become more active consumers of health care and utilize all available resources to make informed decisions.
Challenge: Change employee behavior to drive acceptance of HSAs.
Collaboration Results: Together we built a gold standard for educating employees about the benefits of HSAs and investing in their health care for the future.
Kudos from members:
“Have the mobile app and it’s great”
“I love the card!”
“It’s Easy”
Introduce new account options to complement health plans
Customer: Fortune 50 media and entertainment provider
Member population: 90,000 members
Scenario: Current FSA customer looking to introduce an HSA and HRA to complement its new health plans.
Goal: Make changes to health care benefits to offer competitive, affordable benefit choices.
Challenge: Effectively communicating account options and how they work with new health plans.
Collaboration Results: Together we developed a custom communication plan. We deployed our custom materials along with
other benefit materials in three phases (Learn, Experience, and Enroll). Employees were educated, engaged and empowered
to make their own health care decisions.
Simplify administration and enhance member experience
Customer: Fortune 50 global aerospace corporation
Member population: 25,000 HSA members
Scenario: Customer looking to offer a single HSA solution that fit with all of its health plan offerings.
Goal: Simplify administration and offer a consistent mutual fund portfolio.
Challenge: Decrease the lag time between payroll deductions and when funds are available in an employee’s HSA.
Collaboration Results: We developed a unique process to consolidate all
existing account assets with PayFlex . We consultatively worked together to develop optimal funding for their HSAs. To
offer a consistent mutual fund portfolio, we worked collaboratively to introduce a new investment platform. It allowed
for instantaneous account opening, automatic sweep to investments and quicker settlement trading.
Our process for transferring funds from the existing administrator exceeded expectations. Members were also pleased with HSA deposits made available on pay day.
Kudos from our customer:
“I’m happy to report that since the 1/1/14 go live date, all instruction, payroll and funding files have been successful in
meeting or exceeding the project’s key objective of pay date or pay date +1 day account funding. Today’s semi-monthly HSA
deduction for salaried employees showed up in employee’s accounts this afternoon--on pay date.”
Grow membership and offer more payment options
Customer: Fortune 50 multinational conglomerate
Member population: 24,000 members
Scenario: Customer looking for someone that could help grow its HSA
membership and offer multiple payments options that fit the needs of its employees.
Goal: Grow HSA membership by 20% and offer members a choice of payment options.
Challenge: Transitioning a large group to a new HSA administrator and educating the employees on new high deductible health plan options with multiple HSA payment options.
Collaboration Results: We conducted an employee survey to gauge the level of knowledge of HSAs.
The survey results were used to shape communications so employees could make the best benefit choices. Together we
developed custom communications and presentations to clearly explain the options and how each option could benefit them.
We have seen yearly increases in HSA participation.
- 2012 – 2013 – increased participation in HSAs by 25.7%
- 2013 – 2014 – increased participation in HSAs by 32%
