Best Practices: Grow With HSAs

Elavon gives financial institution partners another way to grow their business with one of the leading healthcare financial products today – the Health Savings Account (HSA). With our turn-key HSA program, you have a solution that helps businesses save money and support their employees’ financial needs.

Now is the perfect time to be offering a competitive, benefit rich HSA program to your business customers. In the wake of rapidly rising healthcare costs, employers and employees alike are looking for ways to reduce and better manage expenditures without compromising access to healthcare.

Many are finding that a consumer-driven healthcare programs combine high-deductible health plans with benefit-spending accounts – like HSAs – may be the right option. By providing this timely, effective solution, you provide a valuable service and build your relationship with your important business customers.

Here are seven best practices to help you grow your HSA program.

  • Offer HSAs to your own employees
  • Partner with Certified Public Accountants (CPAs)
  • Leverage Insurance Broker and other Third Party Administrator (TPA) relationships
  • Leverage payroll client relationships
  • Reward your front-line staff
  • Create an HSA Education Center on your website
  • Send April 15 maximum contribution reminders
Best Practice #1: Offer HSAs

Best Practice #3: Leverage Insurance Broker and Third Party Administrator (TPA) Relationships

Who drove the most new accounts for HSA providers last year? Insurance agents, third-party administrator referrals and employer groups. You already have these established relationships, so now you need to make them work for you and bring in clients. Let your partner businesses know you offer HSAs.

Best Practice #4: Leverage Payroll Client Relationships

Many of your payroll client contacts make group benefit decisions. As with your partners, be sure to leverage your relationships with your current clients by offering another solution that fits their needs.

Once the Affordable Care Act is in place, 80 percent of employers in 2015 are expected to offer a high deductible plan to be paired with an HSA or health reimbursement arrangement, according to the American Medical News.

Best Practice #5: Reward Your Front-Line Staff

Tellers, lenders and customer service representatives have direct contact with some of your best prospects. Why not reward them when they help bring in new HSA clients? Offer incentives such as sharing 10% of first year revenues for new employer relationships. Or hold a contest where the person who opens the most new HSAs gets an iPad or tickets to an upcoming event.

Best Practice #6: Create an HSA Education Center on your website

Your website can do so many things for you, including promote and educate your customers. When you create an HSA Education Center on your website, you can do both. Elavon makes it easy. We provide free materials such as FAQs, brochures, a quick reference guide and IRS publications.

Best Practice #7: Send April 15 Maximum Contribution Reminders

Tax season is an important time for reminders. As a service to your HSA accountholders, send out April 15 maximum contribution reminders so they remember to max out their contributions. Connect with them via email or direct mail at least once between March 15 and April 15.

These seven best practices can help boost your Elavon HSA sales.

Build Revenue with More HSA Sales

By using some or all of these best practices, your financial institution can generate more HSA program sales and foster more client satisfaction.

  • By offering HSAs to your own employees you cultivate skilled advocates and salespeople.
  • By leveraging current partner and client relationships you can tap into even more potential clients.
  • By partnering with CPAs you gain access to potential new clients.
  • By rewarding your front-line staff you ensure everyone is invested in sales.
  • By creating an HSA Education Center on your website you build an educational and promotional tool that supports and encourages client relationships.
  • By sending April 15 maximum contribution reminders you build up your deposits and your accountholders are prepared for future medical expenses.

The Elavon HSA is only one of the many products offered by Elavon Financial Institution Solutions. If you have a payment processing need, we have a solution.

In addition HSA, Elavon Financial Institution Solutions has many products that are designed to solve the needs of your business and consumer customers:

  • OneCard
  • Business Credit Card
  • Merchant Services
  • PrePaid Cards
  • Institutional Trust & Custody
  • Corporate Trust
  • SBA Loans
  • And more

Contact us today to discuss our full suite of Business-to-Business solutions.