When designing a benefits plan for your organization, employee needs should be prioritized. While it may not be feasible to serve the exact benefits requirements of every individual in your workforce, you can look at employee demographics to try to meet the widest range of needs possible.
Consider the ages of your employees. Are a lot of people nearing retirement, or are they just entering the workforce? Are they somewhere in the middle, or are you working with a large, multi-generational population? An employee thinking about retirement savings might value having access to an HSA and investment options, while a younger employee who recently graduated from college may be more concerned about student loans than paying for medical costs in their golden years.
If you have access to data about benefits utilization, look at enrollment stats, spending behavior, and other information from previous years to see what is working well and where you might improve. Did employees enrolled in an HDHP open an HSA? If not, you could improve educational initiatives about HSAs and how they can offset health care costs or serve as a savings vehicle for retirement.
The HDHP/HSA option works well for some, but it may not be suitable for everyone, particularly individuals managing a chronic illness or those with more acute medical needs. In the latest Consumer Engagement in Health Care Survey, the Employee Benefit Research Institute (EBRI) found that people enrolled in traditional health plans value lower copays for medical visits, whereas those enrolled in HDHPs value lower monthly premiums. For example, a single, childless individual without any serious health conditions might prefer lower insurance premiums, but a couple expecting their first child may value lower copays for medical visits.
Before switching all employees to an HDHP/HSA model or a traditional health plan, ensure the insurance you offer will serve the needs of your workforce, and consider providing options for voluntary benefits and other consumer-directed health plans (CDHPs) to offer more support. Also make sure you are providing enough education about the health care plans and benefits you offer so people understand what exactly they are signing up for during enrollment!