If you could give your employees more peace of mind and improve their financial wellbeing — using a benefit you already offer — would you?
HR leaders nationwide are looking for ways to support employees in a world of rising healthcare costs, financial stress, and inflation. Recent data shows that two-thirds of Americans and workers rank healthcare costs as their top financial worry. That worry follows employees into the office, the Slack channel, and the 2 p.m. meeting, with 56% of employees saying financial stress negatively impacts their work and personal life.
While financial wellness solutions are popping up everywhere, one tool many employers already offer could help close the gap: Health Savings Account (HSAs).
“Employers can eliminate an immense layer of financial anxiety from their workforce using modern HSAs that meet employees exactly where they are,” says Chris Byrd, senior vice president at WEX. When maximized, HSAs can help employees save more and stress less.
As HSA Awareness Day approaches on October 15, employers have a timely opportunity to help employees get more value from their existing benefits while promoting financial security.
Why HSA dollars go further
One of the biggest benefits of HSAs is their tax advantages — for employees and employers.
Employees can contribute pretax dollars, make tax-free distributions for qualified medical expenses, and grow their account balances without incurring federal income tax. Pretax payroll contributions can also reduce payroll taxes for both employees and employers.
Employer contributions are generally tax-deductible, and research from WEX and Visa found they were the #1 motivator for employees to enroll and contribute to their HSA. These advantages can help HSA dollars go further, reducing financial stress now and in the future.
4 ways HSAs reduce employees’ financial stress
1. Save on routine healthcare costs
HSAs can help employees save more when spending on common healthcare expenses. These can include using HSA funds for eligible expenses like routine exams, prescriptions, eyewear, and daily essentials like sunscreen, bandages, and feminine care products*.
But there are lesser-known ways to save, too. For example, did you know HSA funds can go toward wearables, massage guns, and red light devices* if you need those items to treat a diagnosed medical condition? “Our research shows that many consumers simply don't realize how versatile an HSA actually is,” Byrd explains. “Beyond doctor visits, these accounts cover everyday health and wellness essentials that people buy constantly, from routine dental and vision care to everyday over-the-counter items like pain relievers, sunscreens, and allergy medications.”
The range of HSA-eligible expenses is broader than many people realize, as are opportunities to put money back in your employees’ pockets. You can help employees capture savings by directing them toward your HSA platform’s list of eligible expenses or toward the HSA store to browse HSA-eligible products directly*.
2. Prepare for larger healthcare expenses
An expensive medical bill can be extremely stressful for employees and affect how they show up at work. HSAs can reduce that financial burden by helping employees build their balances before major healthcare expenses arise, whether planned or unplanned.
For example, an employee planning to start a family or preparing for LASIK surgery can set a savings goal and contribute toward it over time, giving them more financial control. If a medical emergency comes up, those accumulated HSA funds can also help make the resulting costs more manageable.
What makes HSAs especially useful for these future expenses is that, unlike FSAs, unused HSA funds can roll over year after year. That means employees can keep building a safety net over time — and the money remains theirs even if they change jobs.
3. Build long-term financial security
A lesser-known HSA use may be one of the most powerful: investing. Modern HSAs can help employees build a nest egg for retirement while keeping cash accessible if needed.
“According to WEX and Visa research, nearly 60% of employees view the HSA as crucial for retirement, yet only 9% are actually investing,” Byrd notes. “HR leaders can provide clear guidance that shows employees how to help bridge the gap between immediate spending and long-term saving, and actively support them on this journey.”
Providing employees with flexible investment offerings based on individual goals, preferences, and investing experience is key to adoption. For instance, at WEX, members choose between hands-off, personalized portfolio management or selecting their own investments and ETFs through a brokerage account.
4. Make informed financial decisions
WEX and Visa found that while limited funds prevented some employees from adopting an HSA, lack of knowledge was another major barrier. Confusion about contribution rules, eligibility, and how much to set aside can keep employees from maximizing their HSAs.
“With this in mind, to more effectively drive HSA enrollment and utilization, HR can customize communications using consumer marketing principles to ensure year-round engagement and continuous learning,” Byrd advises. “HR must move beyond mass communications. This means dividing audiences by life stage (e.g., first-time homebuyer, near retirement) to create customized and emotionally-driven contribution scenarios. This approach empowers employees to see how an HSA applies directly to their unique financial security and wellness situation, rather than just abstract tax savings.”
HSA Awareness Day is an ideal opportunity to start the conversation and help employees make more informed decisions about their health savings. Pro tip: Keep your messaging simple and highlight the emotional impact when possible.
Guided tools can also help employees take action. For example, outreach through WEX’s My HSA Planner, which helps employees understand how much to contribute each year and their potential savings over time, saw a 22% jump in member usage in 2023.
Less financial stress, more operational support
HSAs can help your employees spend less, save more, and gain peace of mind along the way. HR leaders play a major role in enrolling and engaging employees to get there, and the right HSA platform can make that easy.
With WEX, peace of mind extends to employers, too. Access the communications, resources, and support you need to help guide employees toward financial security — without the operational complexity. Learn more about how WEX can help maximize HSAs and join us in celebrating HSA Awareness Day on October 15 by checking out the HSA Day toolkit.
*Health Savings account (HSA) eligible items may vary by benefits administrator and with changes in Internal Revenue Service (IRS) rules. Check with your benefits administrator.
The information in this blog post is for educational purposes only. It is not legal or tax advice. For legal or tax advice, you should consult your own counsel.
Copyright ©2026 WEX Inc. All rights reserved. The information in this document is subject to change without notice.
