UMB Financial Corporation · NASDAQ:UMBF
UMB Financial — EBA Webinar: Real World Insight and Techniques to Boost Your HSA Enrollment and Engagement (April 2016)
30 slides from UMB Financial's conference presentation, Apr 26, 2016
Slide 1: Real World Insight and Techniques to Boost Your HSA Enrollment and Engagement
Insert UMB image [543-UMB/z- Dynamics of Obamacare: Master Assets/Photos] A Real-Time Update April 26, 2016 Real World Insight and Techniques to Boost Your HSA Enrollment and Engagement ©2016 UMB Bank, n.a.
Slide 2: Your speakers
Your speakers Cris Ruiz Gene Lampe Jennifer Benz Vice President Director of Human Resources CEO and Founder UMB Healthcare Services Garmin International, Inc. Benz Communications 2
Slide 3: Poll question #1
Poll question # 1 How would you describe your role? A. Employer B. Broker, agent, consultant C. Payer or technology company D. Other:_______________ 3
Slide 4: The Next Financial Wellness Frontier—Medical Expenses in Retirement
The Next Financial Wellness Frontier— Medical Expenses in Retirement The average couple will need an estimated $300,000 in retirement, just for medical expenses.* An HSA can be a very effective way to fund these expenses. *Employee Benefits Research Institute 4
Slide 5: Unique Opportunity for Employers
Unique Opportunity for Employers 70% of employers report feeling responsible for helping employees gain financial stability1. 90% of 250 large employers who were surveyed, said they want to introduce or expand financial wellness programs this year2. 80% of employees report they trust financial infor
Slide 6: An Effective Financial Wellness Tool You Might Not Be Using
An Effective Financial Wellness Tool You Might Not Be Using High-deductible health plan with HSA 6
Slide 7: An Effective Financial Wellness Tool You Might Not Be Using
An Effective Financial Wellness Tool You Might Not Be Using High-deductible health plans + HSAs = meaningful savings • Opportunity for employers to influence HSA behavior to help build long-term savings. • Key part of overall retirement strategy. 7
Slide 8: HSAWorks: Financial Wellness Starts Here
HSAWorks® Financial Wellness Starts Here
Slide 9: HSAWorks
HSAWorks® • See aggregated data compared to benchmark data. • Anticipate and meet employees’ needs to manage costs. • Develop strategies to influence saving, spending, and investing behaviors. 9
Slide 10: Insights to Promote Small, Achievable Improvements
Insights to Promote Small, Achievable Improvements • Be specific, but realistic. • Move people forward, one life step at a time. 10
Slide 11: Garmin
A GARMIN. YOU’LL BE LOST WITHOUT IT! UMNIB | Healthcare Services
Slide 12: HSA: A Complement to Rich Retirement Benefits
HSA: A Complement to Rich Retirement Benefits Another savings opportunity for today and tomorrow. 12
Slide 13: HSA: A Complement to Rich Retirement Benefits
HSA: A Complement to Rich Retirement Benefits 13
Slide 14: Garmin Priorities
Garmin Priorities 1 Increase enrollment in CDHP. Increase number of CDHP participants 2 contributing personal funds to their HSA. Increase the number of HSA participants with an 3 account balance equal to the CDHP deductible. 14
Slide 15: People Focus
People Focus Market research to understand associates’ attitudes about the CDHP. • Never considered the CDHP. • Considered the CDHP but didn’t enroll. • Currently enrolled in the CDHP. 15
Slide 16: Poll question #2
Poll question # 2 What do you feel are the most common barriers keeping your employees, or your client’s employees, from enrolling in a high-deductible health plan? A. Health issues B. Perceptions of inferior coverage C. Perceptions of higher out-of-pocket costs D. Viewed as too risky 16
Slide 17: Reasons for Rejecting CDHP
Reasons for Rejecting CDHP ① Health issues ② Too risky 17
Slide 18: Reasons for Enrolling in CDHP
Reasons for Enrolling in CDHP ① Hedge against risk ② Way to come out ahead 18
Slide 19: Benz Communications
BENZ COMMUNICATIONS UMNIB | Healthcare Services
Slide 20: Life Lessons
Life Lessons HSA life stage 1 Enrolls in a high deductible plan + open HSA HSA life stage 2 Gets the employer match or incentive HSA life stage 3 Has an account balance that covers deductible HSA life stage 4 Has an account balance that covers OOP max HSA life stage 5 Makes the maximum contribution
Slide 21: Cracking the Behavior Code
Cracking the Behavior Code • Audience segmentation to drive behaviors. • Specific and realistic steps. • One life stage at a time. 21
Slide 22: Getting Personal
Getting Personal UMNIB | Healthcare Services
Slide 23: Think beyond Financial Wellness
aN SIRS | Hoe so GARMIN Think beyond Financial Wellness IA Medicare is there when you turn 65. Nice, but how do you plan to cover the rest of your healthcare bills in retirement? September 28 Garmin HO Auditorium 3-4pm September 29 Garmin HO Auditorium and how you can use Garmin benefits 4-Spm When
Slide 24: What Worked?
What Worked? Emails Enrollment guide Workshops 24
Slide 25: How'd We Do? Enrollment results
How’d We Do? Enrollment results • CDHP enrollment increased 31% • CDHP participants contributing personal funds to their HSA increased from 53% to 59% • The average contribution increased by 22% • CDHP participants contributing to the HSA at or above the CDHP deductible rose from 29% to 41% • The nu
Slide 26: How'd We Do? Post-enrollment survey results
How’d We Do? Post-enrollment survey results 36% of associates say they’ve changed: • How they manage their household budget. • Their investments. • Their saving habits. • Their benefits. 36% of associates say they: • Are contributing their own money to their HSA. • Will pay more medical bills out-of
Slide 27: Poll question #3
Poll question # 3 How many of your high-deductible plan participants have enough money in their HSA to cover their deductible? A. 5%–25% B. 25%–50% C. 50%–75% D. More than 75% E. Not sure 27
Slide 28: Additional resources: UMB
Additional resources: UMB hsa.umb.com 28
Slide 29: Q&A
Q&A Type in your question at any time for the presenters 29
Slide 30: Thank you for participating!
Thank you for participating! hsa.umb.com Cris Ruiz Thank you for participating! Vice President, 888-677-1115 UMB Healthcare Services [email protected] Gene Lampe Jennifer Benz HR Director CEO Garmin International, Inc. Benz Communications garmin.com benzcommunications.com [email protected] j