Employer contributions to a Health Savings Account is a useful way to encourage employees to enroll in a High Deductible Health Plan (HDHP) with an HSA.  If your organization is considering offering an HSA with an employer contribution, it is important that you consider if your benefits administration technology can accommodate the intended contribution strategy.  Exploring the opportunities within your Ben Admin will inform how your organization will handle contributions for new hires, qualifying life events, and annual renewal enrollments.

BTR has vast experience with employer contribution strategies that work well with Ben Admin technology – here are a few strategies that have proven to be successful.

• Per Pay Contributions – This is typically the easiest strategy and reduces concerns with pro-rating employer contributions for new hires during the year.
• Monthly/Quarterly Employer Contributions – This strategy is ideal for HSA changes that are effective on the 1st of the month/quarter. Typically, the employee receives the employer contribution on the effective date occurring after the enrollment is completed. BTR recommends verifying that the ben admin system will support this strategy, since it is likely a different schedule than employees’ payroll schedules.
• One-Time Annual Contributions – This strategy works great at Annual Enrollment because it funds employees’ HSA accounts “up front” at the beginning of the plan year. However, it will be important to consider how your technology will pro-rate employer contributions for new hires and any mid-year adjustments.
• Employer-Match Per Pay Contributions – Typically, with this strategy, the employer matches a certain percentage of the employee contribution, up to a maximum amount. Not all systems can handle a per-pay employer match strategy, so it is recommended that employers check with the Ben Admin service team before implementing this strategy.
• Tier-based Contributions – An example of this strategy could include a $1,200 annual employer contribution for single HDHP coverage and a $2,400 annual employer contribution for family HDHP coverage. In this scenario, employers will want to consider how to handle the funding mechanisms (monthly vs. annually) for employees who have a life event during the year which could result in moving HDHP tiers.
• Wellness-based Contributions – This strategy entices employees to participate in wellness endeavors in order to earn employer contributions to their HSA. This is usually based on external factors, such as tobacco status or fitness event participation, so employers should verify that the ben admin technology can manage these factors in order to successfully execute employer contributions.

Employers looking to offer an employer-funded HSA plan should connect with the Ben Admin technology service team, as well as any other impacted systems, to determine if and how the technology will support the strategy. The goal of technology should be to avoid manual workarounds and costly mistakes. BTR is available to support these considerations as well as advise on technology recommendations for HSA Employer Contribution strategies.

If you would like more information, let us know! Email BTRProjects@bentechre.com to connect with our experts.

About the Author

Kristina Chavez supports BTR as the Business Development Manager, focusing on new opportunities and business development for the BTR Extend division. Kristina enjoys working directly with employers, as well as benefit advisors, to strategize on their technology needs around employee benefits.

“41% of U.S. employees spend 15 minutes or less researching health care benefit options during open enrollment.” Do you remember this 2014 survey stat? It generated a lot of conversation among HR professionals — especially when compared to research that showed Americans spend at least two hours deciding which television to buy. We’re confident that the results would be much the same if the survey was conducted today. Employers are frustrated with employees’ lack of engagement in their benefits.

People are a company’s biggest expense. In the 2020 State of Talent Optimization Report, executives reported that 64% of their total company costs were salary and benefits. The most recent data from the Bureau of Labor Statistics shows that, in the private sector, benefits represent nearly one-third (29.2%) of total compensation. Given these numbers, it’s not surprising that employers are looking for ways to help employees better understand the value of their benefits — especially at a time when “retention” tops the list of many employers’ organizational concerns and HR priorities, regardless of industry or size.

We understand your pain. Every year you invest significantly in employee benefits that you believe will advance your recruitment and retention efforts. But if employees don’t know or understand the value of these benefits, you’re not getting a good return on that investment. The best way to counter this is with the one-two punch of technology and employee engagement.

An industry merger provides an expertise “twofer”

In January, iBenefit Communication (iBC) acquired Benefit Technology Resources (BTR). We brought our companies together into one cohesive team because it is apparent that employers want and need a more integrated employee communication and enrollment solution. Together, we offer:

• Top-of-the-line, best-fit HCM, Payroll and Benefits Administration delivery and consulting on the full spectrum of solutions designed to advance the organization’s people strategy, and
• Personalized employee communication and engagement support to educate employees on the value of their benefits and help them make informed choices using a high-touch approach that builds trust, creates loyalty, and increases retention.

Lean into the human experience to increase retention

The counselor-assisted approach to benefits enrollment is key to building a relationship with employees. Today’s employees want a more personal connection with their employer. Before the seismic shift to remote and hybrid work options, the HR tech market was trending towards greater employee engagement. This new norm only adds to the need to lean into the human experience.

Our combined services represent a total package to leverage benefits as a retention strategy. We’re also happy to assist you with just one (or any combination) of our service offerings, including:

• Benefits administration technology. Pre-vetted, versatile platforms with top-notch implementations and unmatched service and support.
• HR technology consulting. Expertise in HR tech procurement, analysis, and optimization to help you get the most out of your HR technology ecosystem. We’re a trusted advisor, providing independent and agnostic guidance to help you make sense of today’s complex HR tech marketplace and identify solutions to meet your unique needs.
• Personalized education and engagement. One-on-one, concierge-level benefits education and enrollment support with a Benefits Education Specialist for every employee, resulting in more informed employee decisions and a stronger employer-employee connection.

The employee-employer balance of power in the talent market has shifted, and the employee is in the driver’s seat. Employers are responding with better benefits to attract and retain good talent. Your benefit offering is one of your most important recruiting tools. Get the most from your investment with personalized employee engagement and education supported by technology that delivers an enhanced employee experience.

Contact your iBC or BTR representative to learn more and discuss your retention strategy.

Sources:

About the Author

Jamie Hawkins is Founder & CEO of Benefit Technology Resources. She has been in the HR Technology industry for over 20 years and is considered an industry thought-leader on providers, services, and trends.  Jamie serves as the Director of Technology for several well-known broker and consultant affinity groups, such as Benefit Advisors Network, and Assurex Global.  She is also a member of the Society for Human Resource Management (SHRM) and speaks throughout the US on HR Technology trends

About the Author

Phillip Goodrum is Founder & CEO of iBenefit Communication. Phillip has a diverse background leading multiple businesses in the technology, insurance and healthcare sectors. He holds a Bachelor of Arts Degree in Communications from The University of Tennessee and a Masters Degree in Business Administration from the Jack C. Massey School of Business at Belmont University. Phillip resides in Charlotte with his wife and five children.

What would you do if you lost access to your HR Technology right now without warning?

In today’s cloud-based society, technology is a vital tool for organizations worldwide. Without it, HR teams wouldn’t accomplish anything successfully and efficiently. One element of our technology that is often overlooked is probably the most vital – security.

Security should always be top of mind for employers when it comes to their technology. Organizations should craft a backup plan for when – not if! – technology failure or threat scenarios occur. This is why a contingency plan is key – instances of employee negligence, vendor error, cyberattacks, or ransomware can bring any operation to a grinding halt.

Catastrophe preparedness is not one-size-fits-all. Organizations should develop sustainable and effective protocols outside of their technology to reduce impacts to the organization and its people.

BTR sees common recurring factors within the market when it comes to the loss of access to data. Employers looking to maintain overall technology security for their organization should consider this checklist regarding their HR Technology systems.

• System Maintenance Deferrals – Delaying systems updates puts data at risk and could be costly. A good technology vendor will apply a consistent schedule for replacing outdated technology and should not be utilizing products or services that are being sunset or discontinued.
• Backups Management – Drafting protocols for backing-up data on a “cloud,” rather than on the actual premises, is becoming industry standard. It’s considered a best practice to schedule data pushes for backup maintenance, rather than always processing manual backups, keeping a close watch to make sure timely backups don’t error out and cause any data exposures.
• Ransomware Events – Organizations should have a coordinated plan in place in the event of a long-term impact to technology access. Ransomware events typically result in a total loss of production and can cause an expansive liability of exposed data if not handled cautiously.
• Vendor Error – Technology vendors make errors from time to time, but a lengthy timeline for resolution or spotty communications about issues can be a big red flag in some instances. Vendor errors can also cause a total production loss (which could translate to a direct impact to benefits). Employers will want to be sure to plan for short- and long-term scenarios to maintain coverage.

Technology and security needs are evolving at a rapid pace. Focusing on the security of employees’ data and personal information should be a priority to employers of all industries and sizes.

If your organization would like to consult with BTR about technology security, please email your inquiry to BTRProjects@bentechre.com.

About the Author

Hayes Stevens supports BTR brokers and their clients with their HR technology initiatives and serves as the team lead for BTR’s consulting division. With over 10 years in the HR Technology industry, he provides unparalleled expertise to clients through a strategic, long-term success framework and approach.

It’s no secret that employers need more these days. With ever-changing workforce challenges, employers need more support, more time, and more tools. Our merger with iBenefit Communication is designed to meet the need of employers looking for more.

Many have congratulated and joined us in celebration of our new partnership, which we appreciate. We are excited to expand these service offerings to our clients in a big way. This opportunity will allow us to combine our HR Tech experience with personalized enrollment assistance from a cohesive team that delivers concierge-level service and support. It really is a win/win for employers.

Health benefits are becoming increasingly complex, and we feel it’s important for employees to understand the benefits available to them. Elements such as easy access to information and benefits counselors equip employers for success in their benefits strategy. With The Great Resignation affecting just about every industry, employers are searching for an “easy button” to execute their vision. This partnership brings us the ability to immediately counsel new hires, onboard an acquisition, or support any number of challenges an employer may be facing.

We really believe this merger between BTR and iBenefit will bring enhanced solutions to the market in a more integrated way. In the near future, we will be working on even more innovative solutions that will be unique in our industry – stay tuned!

If your organization is looking for support with HR technology or enrollment strategies, please email us at BTRProjects@bentechre.com.

The HR technology market boasts a myriad of helpful employee-facing tools determined to make the employee experience magical and easy. HR technology is only worth the investment if employees actually use it.

But how can an organization ensure its people understand how to use the technology, especially if it is new?

Below are practical ways for HR administrators and business leaders to support employee adoption – and keep the workforce engaged – through HR technology.

Try to Break It

System Testing is a foundational element of launching any new technology. Employers should test their new system thoroughly, attempting to “break” the system or make mistakes common amongst employees. The testing phase not only allows for teams to catch errors and make corrections before going live, but also helps administrators become familiar with error messages and codes which in turn improves their user ability. Leverage your vendor partner’s testing materials as a starting point.

Enlist Focus groups

Once your system is tested and ready to go live, employers should enlist small groups of employees to review the system and test for user-friendliness. Focus groups support the endeavor of garnering much-needed feedback as well as adoption of the new technology. Focus groups can also highlight any gaps or needs for user education. Just be sure you actually act on the feedback – it’s their system!

Map out the Employee Experience

It is crucial for employees to know where to go and how to get there. HR teams should walk through the employee experience, so they are familiar with each step. HR teams will want to familiarize themselves with any transition points, such as when a New Hire will need to move from the HCM system to the benefits enrollment system via an API. Consider authoring a “site map” or similar document, complete with FAQs to use for internal education.

Speaking of Education…

We all know that knowledge is power. Educating your employees on the purpose for and opportunities within your organization’s technology can go a long way regarding adoption and utilization. A company-branded instructional guide with screenshots and arrows is a popular way to educate employees. Internal webinars and podcasts also support employee education. BTR also always recommends posting support contacts throughout the system in case employees need to reach out for help.

Customization

Most HR technologies can feature employer logos, colors, and more to make the site recognizable to employees. Company branding within your HR technology empowers employees to have more trust and comfort with executing HR-related tasks in the system. Some systems even allow for customized email alerts, notifications, and confirmation messaging which also support the employee experience.

These are just some of the ways that employers can support their employees’ experiences within HR technology. Making your organization’s technology easy to use and recognizable will support your overall technology strategy and success.

If your organization would like to learn more about BTR services, email BTRProjects@bentechre.com to get started today!

About the Author

Holli Brummett supports BTR as the Business Development Coordinator, focusing on new opportunities and business development for the BTR Extend Division. Holli brings to the team several years of Benefits Administration experience on multiple systems, working with broker teams as well as employers across many industries, including manufacturing, school districts, hospital systems, and more.