When it comes to navigating the world of employee benefits, there’s a lot to take in, especially if you’re a first timer. Among the suite of benefits you’re likely to be offered, voluntary benefits are often misunderstood. What are Some Examples of Voluntary Benefits? Voluntary benefits include a variety of options, all designed to...
Why Millennials Should Use HSAs
The modern workforce is evolving, and with it, the expectations of those employees. More and more millennials are joining the workplace and playing active and important roles in organizations everywhere. That makes it more critical than ever that employers respond to the health care financing, savings and investment goals of their millennial employees—and that’s where health savings accounts (HSAs) come in!
Healthcare can be expensive. A HSA can’t change that, but it can help you maximize your health care dollars. When you set up a HSA, you can decide how much money to put into your account and, best of all, it’s all pre-tax! That means more money available to you to pay for medical expenses at your doctor’s office, specialist clinic, hospital, or elsewhere, such as deductibles, coinsurance, copayments, and other costs. And whatever you put into your HSA rolls over each year and earns tax-free interest! A recent study shows that millennials agree: more than three-fourths of millennial workers had HSAs in 2018, a more than thirty percent increase from the prior year and the largest such bump among all generations.
HSAs may benefit your entire workforce, but many factors make them appealing to your millennial employees. For a generation that’s focused on incorporating individual responsibility at the workplace, and that seeks a customized plan specific to their needs, a HSA offers millennials the opportunity to take control of how they spend their health care dollars. Advantage Administrators understands this and is proud to offer custom, comprehensive HSA management services. We go beyond the simple HSA and offer a wide array of account options and benefits, including HSA debit cards, investment options, and online access to your HSA accounts.
And millennials, when looking at healthcare opportunities at work, want the ability to build their own wellness plans from an array of options. Advantage Administrators HSA management services proudly offer more, including:
- Easy access to on-the-go mobile plan management
- Online and personal phone services
- Bill Payer: your choice of reimbursement card or direct deposit
- Investment tool and planners
- Eligible Expense Scanner
- Easy contributions through payroll or mobile
- Flexible contributions allowed
- Roll over your funds each year
That’s a lot of power behind your HSA but remember: HSAs aren’t available to everyone. Only employees with certain health plans, known as high deductible health plans, can set up HSAs and certain annual limits also apply for individuals and families that you’ll want to be aware of. You can trust Advantage Administrators to guide you and your employees—millennials and everyone else—in setting up, funding, and administering your workplace-sponsored HSA.