Innovative Benefits Plan Demonstrates How HSAs can Further Pay Equity
HealthEquity, Inc. (NASDAQ: HQY) announced a successful partnership with Pfizer to enhance diversity, equity, and inclusion (DEI) in employee benefits. The innovative HSA plan categorizes employees into four income tiers, providing the highest contributions to lower income earners. This approach led to over one-third of eligible employees enrolling in the HSA plan, with 37% from the lowest income tier. The initiative addresses the needs of all employees, aiming to improve healthcare access and long-term financial wellbeing while affirming the significance of benefits in driving DEI advancements.
- Increased enrollment in HSA plan with over one-third participation from eligible employees.
- 37% of the lowest salary tier employees enrolled, indicating successful outreach.
- Partnership with Pfizer highlights HealthEquity's commitment to DEI initiatives.
- Benefits design aims to improve healthcare access for lower-income employees.
- None.
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
“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
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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