Innovative Benefits Plan Demonstrates How HSAs can Further Pay Equity
By employing income-tiered HSA contributions, Pfizer increases enrollment and advances DEI initiatives
DRAPER, Utah, Dec. 13, 2022 (GLOBE NEWSWIRE) -- 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
