However, EBRI found plan participants who have owned a health savings account (HSA) for 10 or more years are very likely to report (71%) that having an HSA has empowered them to make better health and financial decisions.
Some companies already employ the theories of behavioral economics in various strategies that push their workers to make healthier decisions, says the International Foundation of Employee Benefit Plans.
Compared with new users, repeat users are 24% more apt to be on track for retirement and 21% more apt to have confidence in their investments, Financial Finesse research finds.
The SEC says if investors plan to use the money in their HSA soon, different account features may be useful than if they plan to invest the money for the future.
Broadening the focus of traditional, physically focused wellness programs to become more holistic (adding financial, social & mental well-being) is leading more employers to ask about a platform/hub to combine all of their benefits initiatives, a survey found.
Fifty-three percent of people with access to wellness programs said the initiatives have made a positive impact on their health, which can save both employees and employers money.
The most challenging part respondents to a WEX Health survey cited in using their HSA was making sure to have enough funds set aside to cover deductibles (29%) and figuring out how much money to put in the account overall (21%).
Student debt management is a complex and delicate issue that has a significant impact on employees’ broad financial wellness—but providing support can be straightforward from the plan sponsor perspective.
As programs expand, companies are exploring new communication channels to connect with employees, as well as finding ways to personalize content to increase engagement, a survey from Fidelity and the NBGH found.
Sara Caddy, benefits manager at Dimensional Fund Advisors, which won an Eddy Award for HSA usage, overall participation and communication strategy, shared its recipe for success.
Student debt hurts the financial well-being of an overwhelming portion of respondents to a new survey—with the scourge of student debt cutting across generations and economic status.
Integrating and simplifying benefits programs and the human touch enhances engagement in employee wellness programs, according to a survey of large employers.
For example, 73% of companies have added telemedicine services, 79% offer access to a 24-hour nurse line and 60% use health advocacy programs.
“A combination of economic, demographic, and regulatory changes have placed a small but material segment of these plans at risk,” Ted Goldman, senior pension fellow with the American Academy of Actuaries, told a new Congressional committee.
Peg Knox, chief operating officer of DCIIA, points to both the coverage gap and retirement income adequacy as being top of mind; there is also a strong fee litigation focus, given how near and dear this topic is to both plan sponsors and service providers.
Education benefits that address rising student loan debts and parents saving for children’s future college cost are financial well-being benefits that are gaining traction.
In 2017, small business employees used an average of 78% of their QSEHRA allowance, and 52% used 100% of their allowance.
Forty-one percent of Americans polled say they decreased contributions to a savings plan because of health care expenses.
EBRI also found Millennials are leading the way in using innovative strategies employers are implementing to manage health coverage costs.
The state of South Dakota has experienced good results since implementing automatic enrollment and automatic deferral escalation in its 457(b) plan.