Now that open enrollment time is here, many benefits professionals are recommending health savings accounts (HSAs) to their employee base. However, some HR professionals are reluctant to embrace HSAs because of the time-consuming paperwork required to open and manage them, as well as the complex information employees may need to digest in order to make the best possible HSA decisions. Fortunately, those issues are disappearing as new technologies are making HSAs easier, faster, and less complicated than ever before.

HSAs have existed since 2004 with little innovation—but that has begun to change. New administration platforms leverage artificial intelligence (AI) to eliminate complex processes, helping offload many of the tedious, manual tasks required of HR staff. These technologies also give employees real-time information that simplifies benefits offerings, and they individualize guidance on the appropriate steps that specific employees should take based upon their healthcare and financial requirements. This helps employees optimize their benefits.