Anonymous CPG Company and the Endeavor for HSA Appreciation
INDUSTRY:Consumer Packaged Goods
WORKFORCE:8,000 US-based employees
PLAN TYPES:2 HSAs (An HRA option was eliminated for plan year 2014)
Thanks to ALEX:
- 71% of employees enrolled in the higher deductible HSA in Year 1.
- 80% of employees enrolled in the higher deductible HSA in Year 2.
The Problem:Our anonymous customer was no stranger to high deductible health plans, but its employees had been struggling with the concept of HSAs for years. Many weren’t using their HSA accounts, and they frequently chose to pay more for a lower deductible plan option that didn’t meet their needs.
The Plan:When this customer decided to eliminate a popular HRA option, they knew they needed to ramp up benefits education to help employees understand the decision and find their best fit option.
The Outcome:ALEX helped employees see the value of the higher-deductible plan, taking enrollment in that option from 23% the previous year up to 71%. The next year, a full 80% of employees chose the higher deductible plan.
“We selected ALEX to help with education even though we’d had the plans for a long time. For the first time after we put in ALEX, people were telling us, “I finally understand what these plans are all about!” We saw a shift away from the more expensive plan, and an increase in understanding of how HSA funds work.”
Senior Manager of Benefits; Anonymous CPG Company
“I was prepared to select the lower-deductible plan before using this tool. I am very happy that I did use this tool because now I can see how I can save money with the higher-deductible plan. Great tool!”
Employee, Anonymous CPG Company