Employee Communications
The greatest opportunity to reduce healthcare costs is by changing how employees use healthcare. According to a recent study conducted by the management consultancy McKinsey & Company, employees with an HSA were more value conscious and attentive to wellness and prevention. The study found employees with an HSA were:
- 50% more likely to ask about costs,
- 30% more likely to get an annual exam,
- 25% more likely to engage in healthy behaviors,
- 20% more likely to comply with treatment regimens, and
- 3 times more likely to choose a less expensive healthcare option.
Employers play a crucial role in empowering employees to weigh their health insurance options and become more informed, discerning healthcare consumers. Frequent, consistent communication and education are critical in helping employees see beyond the higher deductible of an HSA-qualified insurance policy. Employers can convey, for example, that HSAs are at the center of a broader movement called “consumer-directed healthcare” (CDH), where the individual takes on additional responsibility for “first dollar” expenses in exchange for tax-advantaged savings opportunities and greater control over their healthcare dollars and care. Employees need to know, for instance, that they have the tools (and right!) to “comparison shop” among caregivers for quality and price, as well as ask about alternative procedures and medications.
E Federal Credit Union can work with you to:
- begin communication early in the enrollment season,
- combine multiple forms of communication (print, web, multi-media, in-person),
- emphasize the benefits of choice and empowerment,
- compare current plan design with HSA plan design,
- illustrate the tax benefits and long term savings potential, and
- involve spouses in the communication process.