Innovative Benefits Plan Demonstrates How HSAs can Further Pay Equity
December 13 2022 - 4:00PM
HealthEquity, Inc. (NASDAQ: HQY) (“HealthEquity”), the leader in
health savings accounts (HSAs) and consumer-directed benefits
administration today released the initial results of an innovative
DEI benefits plan developed and executed with Pfizer.
The plan HealthEquity designed, categorizes employees into four
separate income tiers and gives lower income earners the largest
employer HSA contribution when they enroll. This incentivizes lower
income earners to sign up and contribute to an HSA.
For Michele Proscia, director of U.S. and Puerto Rico Health and
Insurance Benefits team at Pfizer it was important to find a
solution that benefited all employees.
“We knew HSAs are attractive for our more highly paid colleagues
looking for a tax savings vehicle. But we also wanted to support
our lower paid colleagues, while still providing access to
affordable, comprehensive healthcare coverage,” said Proscia. “From
an enrollment perspective, it was a huge success.”
According to Pfizer, the first-year plan increased participation
with over one-third of their eligible colleagues enrolling in the
HSA plan, including 37% of those in the lowest salary tier.
“This is an incredible example of how benefits can drive DEI
efforts,” said Kerry Clucas, Account Executive to Pfizer at
HealthEquity. “Most benefit leaders agree that DEI is a priority
for their company, yet they’re unsure how benefits can make a
difference in this area.”
In its October 2022 national employer survey, HealthEquity
discovered 96% of employers view benefits as important to success
for DEI yet only 45% believe their current benefits offering is
having a positive impact on it. Additionally, the data revealed 1
in 4 HR leaders believe lower-wage earners are underserved by their
organization’s benefits. HealthEquity’s and Pfizer’s partnership
aims to pattern a successful approach to equitable benefit design.
This plan seeks to help all employees—regardless of income—get
the resources they need to manage healthcare and support their
long-term financial wellbeing.
To learn more about the partnership visit the HealthEquity
Remark blog, at:
https://blog.healthequity.com/case-study-pfizer-hsa-deliver-value
To see the full research findings visit HealthEquity benefits
equity page at: https://info.healthequity.com/benefits-equity
About HealthEquity HealthEquity is the
leading administrator of Health Savings Accounts (HSAs) and other
consumer-directed benefits, serving more than 14 million accounts
in partnership with employers, benefits advisors, and health and
retirement plan providers who share our mission to connect health
and wealth and value our culture of remarkable “Purple” service.
For more information, visit www.healthequity.com.
Media Contact Amy
Cerny 801-508-3237 acerny@healthequity.com
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