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Alleviating Employee Concerns about Higher Deductibles

Emphasizing the advantages of HSAs

 
HSA Employer Customer Service1-866-988-2006
Use your premium savings from other health plans to fund HSAs. Transitioning to an HSA-eligible health plan typically means a higher deductible for employees and their families, which can deter employees from enrolling and prevent you from meeting your enrollment goals1.

Focus on the “effective deductible”

When helping employees compare their health plan options, we recommend focusing on the “effective deductible.” This is the deductible an employee or family is responsible for after subtracting funds that are placed in their HSAs — with no change to their take home pay.
Share with your employees our plan comparison webcast. It demonstrates how to calculate the effective deductible. We also have a webcast that helps explain the advantages of HSAs over FSAs. Although FSAs and HSAs are similar, beginning in 2013 the maximum annual contribution limit per employee for an FSA is only $2,500.

We have resources to help

These videos can help you motivate your employees to open HSAs:
  • Keeping up with rising healthcare costs — Emphasize that your employees can use the HSA to save for medical expenses.
  • Build your health finance safety net — Reduce your employees’ anxiety about rising healthcare costs by showing them how they can use an HSA to build a financial safety net.— Show employees how they can use an HSA to supplement their tax-free retirement savings.
  • What is an HSA — Highlight the benefits of an HSA and explain how it works.
See all our HSA tools and resources.

Contact us

If you have any questions, please contact the Employer Customer Service team at 1-866-988-2006, Monday through Friday, from 7:00 a.m. to 8:00 p.m. Central Time or contact your relationship manager.
 
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This information is intended to provide informational resources to employers. Please consult with your legal counsel about program design and how to prevent ERISA application to your HSA program. In this guide, Wells Fargo is providing examples that have worked for other customers. You will need to assess if they work in your situation. Wells Fargo does not give legal or tax advice. Wells Fargo Health Benefit Services, a division of Wells Fargo Bank, N.A., does not offer health insurance plans or wellness programs.
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