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Employers can now measure employee health savings with new HealthEquity tool
Health Savings Score allows employers to quickly gauge employee saving behavior and develop tailored strategies to improve DRAPER, Utah, June 30, 2020 (GLOBE
About this update from Healthequity, Inc.
[{"type":"text","content":"Health Savings Score allows employers to quickly gauge employee saving behavior and develop tailored strategies to improve\nDRAPER, Utah, June 30, 2020 (GLOBE NEWSWIRE) -- HealthEquity, Inc. (NASDAQ: HQY) the nation’s largest independent provider of health savings accounts (HSAs), today introduced the release of Health Savings Score™ – a proprietary, HSA analytics innovation to track, measure and optimize employee health savings.\n With Health Savings Score, employers gain true visibility into how their employees are using HSAs to build long-term savings for health and retirement. They can use those insights to help employees better prepare to manage healthcare costs in retirement, track the impact of plan design changes and education efforts, and accurately benchmark performance against industry peers. “Many Americans are in need of additional support in saving for retirement or major medical expenses, and Health Savings Score combines innovative technology with data analytics to give employers a crucial edge in connecting health and wealth for their employees,” said Ted Bloomberg, chief operating officer for HealthEquity. “Health Savings Score insights will help employers implement and measure targeted benefits initiatives that improve the financial preparedness of their employees.” Health Savings Score draws on two decades of data from more than four million HealthEquity HSAs to measure key elements of health savings success. After assigning performance scores, the tool highlights actions an employer can take with HealthEquity to improve their HSA outcomes. “Health Savings Score empowers employers with a comprehensive health savings analytics, distilled down into one easy-to-use report,” Bloomberg added. The tool leverages HealthEquity’s leading position to measure an organization’s performance across four key elements of HSA utilization: How active and engaged the member is in using their HSAHow much is being contributed compared to the maximum allowedThe member’s ability to cover typical unexpected expenses from their HSAHow well a member is positioned to manage healthcare costs in retirement Employers looking to learn more about Health Savings Score can contact their HealthEquity relationship manager, or visit https://healthequity.com/hsa/health-savings-score/. About HealthEquity HealthEquity administers health savings acc...