The specific characteristics of Health Savings Account (HSA) offerings can vary greatly between providers. This contrast of HSA products in the marketplace is a result of the fact that the priorities and needs of employers and their employees are likely to be different.
This divergence of HSA offerings creates the need for a due diligence process to analyze HSA platforms to determine the provider that most closely matches the goals and objectives of an employer and its employees.
In order to determine the most appropriate HSA providers available for an employer, one should take the following steps:
- Understand the major differentiators between HSA providers in the marketplace
- Discuss these differentiators with the employer to determine importance of each attribute
- Utilize Access Point HSA’s provider database, HSA Vista®, to determine which HSA providers most closely match the employer’s priorities and needs
- Review the results of the HSA Vista® search with the employer to determine which providers most closely match the employer’s goals
- Request information from each provider that has been determined to be a potential fit for that employer
- Conduct provider due diligence/finals en route to the ultimate decision and best fit