How to get leadership buy-in when switching up your HSA strategy

If you've read our recent report, you'll know that evaluating your Health Savings Account (HSA) contribution strategy can help save on costs while also improving employee financial security. We know the process of scrutinizing your contribution strategy isn't easy. You've got to conduct research, gather employee feedback, and run financials to even get to that decision. But, once you've decided on switching to a different strategy, there's another hurdle to overcome-getting leadership buy-in.

Having leadership's support, particularly when it comes to a potentially large financial decision, makes the difference between implementing legitimate plans for change and leaving the issue tabled indefinitely.

Continue reading to get the tips you need to make change possible within your organization.

Why reevaluating your contribution strategy matters

Before we get started, let's examine why re-evaluating your contribution strategy is an important exercise in the first place. When you reassess your HSA contribution strategy-like the change from an annual seed to a match-your company has the potential to significantly impact enrollment rates, employer cost savings, and employee benefit equity.

By aligning your strategy with organizational goals and employee needs, you can provide a win-win solution that enhances healthcare affordability while optimizing your benefits budget.

Building trust and excitement with leadership

Once you've decided to switch HSA contribution strategies, getting your leadership or board members on your side is essential. Trust establishes a strong foundation for open communication and collaboration, which is critical in fostering an environment where new ideas can flourish and be effectively executed. When leadership trusts the stakeholders advocating for change, it increases their willingness to invest in and support the proposed strategies. By prioritizing trust-building, you can ensure that leadership buy-in is not just a one-time achievement but a sustained partnership that supports long-term success.

Here's how to build trust and get supporters excited about your proposed change:

• Engage stakeholders early: Involve key stakeholders in the decision-making process from the outset. By gaining their perspectives and addressing their concerns early, you build a sense of ownership and collaboration. Include your broker or consultant in the process, so they can share their experience working with employers like you.

• Present clear data: You've gathered a lot of data in your re-evaluation process; use it to illustrate how an improved HSA strategy can align with measurable company goals.

• Demonstrate return on investment (ROI): Convey how changes can lead to financial benefits for the company, such as reduced healthcare premiums and increased employee retention rates.

• Highlight employee impact: Speaking of employee benefits, showcase real examples of how enhanced financial security through better HSA strategies positively affects premium costs, emergency preparedness, and retirement readiness.

• Provide competitive comparisons: Present data on how industry peers are benefiting from re-evaluated HSA strategies.

"Positioning your proposed plan as a means to gain a competitive advantage can appeal to forward-thinking leaders." Gary Robinson, Head of Strategic Partnerships, HealthEquity

Tips on getting leadership buy-in

Here are five ways to help you prepare your proposal and increase your chances of getting your idea approved.

1. Set expectations

Begin by clarifying the objectives and expected outcomes of your revised HSA strategy. Setting clear expectations can help align leadership with your vision and provide a roadmap for execution. For instance, if your goal is to implement a seed + match strategy to increase HSA adoption by 15%, make that clear from the start. Consider showing clearly how two different contribution strategies might impact the same outcome.

2. Align with company values

Ensure your proposed HSA contribution strategy aligns with the company's values and culture. For example, if your company champions health and financial wellness, and you want to grow employee HSA investments by increasing your annual seed amount, make sure you tie those values directly to your ask. This helps leaders understand how the changes fit within the broader organizational goals, and can create a sense of unity toward achieving them.

3. Rally champions for change

Leadership buy-in requires support from key stakeholders and influencers within the organization. Collaborate with your Finance, HR, and People leadership teams-along with influential employees-to build a team of advocates who can help you gain support from upper management. Bring data from brokers, consultants, and industry benchmarks to build support for your recommendation.

4. Define the support you need

Articulate precisely what you need from leadership in terms of support, resources, and decision-making. Whether it's approval for budget adjustments or backing for communication initiatives, clarity is essential.

5. Ensure understanding

Ensure that all stakeholders, especially those in senior leadership, fully understand the proposed changes. Use clear, jargon-free language and visual aids to effectively communicate complex concepts.

Moving forward with confidence

Securing leadership buy-in for a revised HSA contribution strategy can be a game-changer for your organization. By following these steps, you not only build trust but also pave the way for a successful roll-out that benefits both the company and its employees.

Take the next step in enhancing your HSA strategy-engage with our experienced team to fine-tune your approach and create a plan that aligns with your organization's values and financial goals.

Be confident when you work with an experienced benefits partner.

HealthEquity is your experienced benefits partner, bringing 20+ years of industry leadership and expertise to optimize benefits strategy and empower every employee's financial security.

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