WEX celebrates HSA Day 2024 with resources for HR leaders, employees

Today, to commemorate National Health Savings Account Awareness Day (HSA Day) celebrated annually on October 15, WEX is highlighting available resources to help employers and employees better understand the impressive value of HSAs for both wellbeing and wallets.

“Health savings accounts are booming in popularity, with total assets eclipsing $123 billion in 2023 – nearly triple from just five years earlier – and yet they’re still widely misunderstood,” said Robert Deshaies, Chief Operating Officer of Benefits at WEX. “While HSAs combine several of the best features of 401(k)s and flexible spending accounts (FSAs), they are often overlooked and underutilized. WEX is excited to use HSA Day to educate employers and employees about the value of HSAs.”

As a leading custodian of HSAs nationally, WEX joins forces with partners, employers, and other industry experts to share the value of HSAs, highlighting their importance in helping employees make informed benefits decisions, improve financial wellness, and enhance overall benefits engagement.

For employers, brokers, and other partners: Not only do employers play an essential role in educating employees on how to use their HSAs effectively, from tax advantages to investment opportunities, but employers can also benefit directly from the deployment of HSAs. Employers’ contributions to employees’ HSAs are tax deductible. In addition, employees’ contributions to their own accounts reduce employers’ payroll taxes.

• WEX HSA Insights is a perfect place to start when considering an HSA or explaining HSAs to employees.

• The WEX Open Enrollment Toolkit is a comprehensive collection of guides, handouts, and videos to help employers prepare for open enrollment and communicate the value of HSAs, FSAs, and more.

• The WEX Guide to Benefits Engagement can help HR leaders effectively communicate about the availability and value of benefit offerings. They can learn how to empower employees to make better benefits decisions, navigate financial wellness, and implement strategies and technology that drive higher retention, recruiting, and benefits engagement.

• This WEX Benefits Trend Report offers benchmarking that can be used to encourage employee participation in benefits and ensure that benefits offerings remain competitive. 

• According to a WEX study in 2023, the majority of leaders believe that outdated systems and inefficiency are a contributor to issues with employee retention and engagement. WEX’s Guide to Unlock HSA Potential provides tactical advice for HR leaders about how educating employees about the value of HSAs can be one additional tool to help drive employee retention and engagement.

For employees: It is important to help employees make informed benefits decisions, which can improve financial wellness and enhance overall benefits engagement. Employees can spend, save, or invest their HSAs. In fact, many employees are not aware that their HSA funds generally are contributed tax-free, grow (with interest or through investment) tax-free, and can be spent tax-free when used on eligible expenses. HSA funds are also carried over from year to year. WEX designed the following tools that can be shared directly with employees who have questions about HSAs:

• A recent episode of the WEX Benefits Buzz podcast illustrates that HSAs are far from a one-size-fits-all solution. Using real-life examples, this episode explains how HSA funds can be spent, saved, or invested, depending on employees’ needs.

• This WEX HSA Misconceptions Workbook clears up common misconceptions about HSAs. 

• Employees may be able to optimize their HSA using WEX’s My HSA Planner.

• Making regular contributions to an HSA can be a great way for employees to build a safety net and prepare for the future. Learn how with this WEX Saving with an HSA eBook.

• This WEX Eligible Expense List is a convenient guide to help employees quickly discern if their purchases are eligible for reimbursement through an HSA.

A full compendium of these and other HSA resources is available at WEX’s National HSA Day website.

The information in this post is for educational purposes only. It is not legal, tax, or investment advice. For legal, tax, or investment advice, you should consult your own legal counsel, tax, and investment advisers.