ALEX now includes a suite of savings solutions, including an HSA, backed by HSA Bank.
Healthcare spending is on an unsustainable trajectory.
It’s no secret that the U.S. spends more on healthcare costs than any other wealthy country in the world. When it comes to employer-sponsored health insurance, employers spend a staggering $1.2 trillion each year on healthcare for employees and their families. (Fact: With that amount of money, you could buy roughly every person in the state of Virginia a $150,000 house.) What’s more, the average household spends $5,000 annually on healthcare and half of U.S. adults admit they or a family member have skipped some sort of health in the past year because of the cost. This is a serious problem that will not only have dire health consequences but exacerbate costs if not addressed soon.
HSA education is a top concern for employers.
So how do HR teams get ahead of this seemingly uncontrollable spending? One of the most common approaches is to offer lower-cost, high-deductible health plans (HDHP), paired with a health savings account (HSA) to cover out-of-pocket costs.
That’s a great approach in theory — but how many gold stars would you actually give your employees when it comes to saving? Are they contributing enough to their HSA to even cover their deductible? How many employees even understand what an HSA is? Hint: only 11%. When employees don’t understand their benefits, that leads to costly choices. And when more than half of employers say education is their primary concern when it comes to their HSA — it’s time to do something about it.
of employees fully understand their HSA
of employers say HSA education is their primary concern
We’ve teamed up with HSA Bank to tackle costs.
For over a decade, employers and brokers across the country have relied on the ALEX platform to boost engagement and power benefits and savings guidance in an unbiased, transparent, and human way. In fact, with ALEX, HSA contributions are 36% higher than the national average.
So, we decided to leverage our expertise in employee behavior change and team up with HSA Bank, the 3rd largest HSA administrator in the country, to revolutionize the HSA experience and tackle health care spending head-on. That’s why we’re excited to announce the first-ever HSA infused with behavioral science—now available with the ALEX platform.
Introducing HSA—built right into ALEX.
Jellyvision now provides a suite of savings solutions including: a health savings account (HSA), flexible spending accounts (FSA)—including a DCFSA and LPFSA, health reimbursement arrangement (HRA), commuter benefits and COBRA. All accounts are available in ALEX, powered by HSA Bank and accessible with a single debit card. ALEX HSA is your secret weapon to smarter spending and savings habits:
Reduce health care spending year-round and empower employees to become better health care consumers
Deliver spending and savings guidance, tailored to the individual health and wealth needs of every employee
Boost HSA engagement and understanding with a solution that’s built on proven behavioral science principles
Save time spent on benefits education and rely on ALEX do the heavy lifting, giving you more time to focus on strategic priorities
Finally, an HSA focused on education and behavior change.
Now, you can meet the needs of every employee with ALEX’s jargon-free, interactive HSA guidance year-round, coupled with over 20 years of HSA administration expertise by HSA Bank. Here’s a closer look at how it works:
Enjoy savings solutions that do the heavy lifting.
The ALEX platform educates your employees on which benefits choices are most cost-effective for their personal situation and ALEX HSA provides just-in-time benefit reminders and behavioral nudges that save you and your employees time and money. Instead of spending hours answering questions and sending generic one sheeters, ALEX does the heavy lifting so you have more time for strategic planning.
Turn your HSA rookies into champions.
ALEX HSA is unique in that it’s backed by behavioral science principles that are proven to make information stick and drive behavior change. Through unusually simple, personalized experiences, our HSA coaches your workforce to maximize their savings and spend less on healthcare each time they log in.
Provide flexible investment options.
An HSA is a great way to help your employees put aside money as a nest egg for retirement. With only 5% of the HSA population actually investing funds, there’s definitely room for improvement and employees should start now (if they haven’t already) to get ready for retirement. ALEX HSA has investment options for everyone.
Support at every stage of the process.
Switching HSA vendors may sound like work. But when you think about all the money you may be leaving on the table with the status quo, it’s worth it—and we’ll be with you every step of the way. We’ll proactively consult with you to ensure the success of your HSA program.
Our mission is to reduce the cost of benefits confusion.
At Jellyvision, we understand HR teams are stretched to the max, especially now during the COVID-19 pandemic. We leveraged our expertise in education and behavior change to build an HSA into the ALEX platform to help you reduce the cost of benefits confusion because poor choices only fuel overspending.
ALEX talks your employees through complex topics like telemedicine, mental health, prescription drugs, and chronic disease management and the HSA component provides just-in-time benefit reminders and behavioral nudges that help them and you save time and money. With ALEX, your workforce will be in a better position to be in the driver’s seat of their own health and wealth journey.
HSA Bank is a division of Webster Bank, N.A., Member FDIC.