A Utilization Report is a breakdown of the year since renewal. It provides Plan Administrators and Advisors with insights into employee benefit usage. By visualizing utilization across categories within the plan, administrators can gauge which benefits are most valued, ensuring the plan effectively meets employee needs. This report is particularly valuable for year-end reviews and planning for future benefit plan adjustments!
Benefit Year Selection: The report is based on the service dates claimed within the selected benefit year. It’s essential to note that the Utilization Report does not align with taxation reports like the Bank Rec Report, as it is specifically focused on utilization and not reimbursement date.
Contents of the Report
The Claims Experience Report includes:
Pie Chart Visualization: A pie chart breaks down major and sub-category usage during the selected benefit year. This offers an at-a-glance view of high-use categories and allows for easy identification of trends.
Detailed Breakdowns:
By Category: Utilization can be reviewed by specific categories, showing how different types of benefits (e.g., dental, vision, or wellness) are used within the plan.
By Plan or Employee: Detailed insights by individual plan or employee give a closer look at usage trends, which is helpful for understanding unique needs across the employee base. It also helps you know which of your employees is using the benefits, and which ones need encouragement to take advantage of the amazing compensation package you provide!
Function and Value
The Utilization Report is a strategic tool for Plan Administrators and Advisors, providing a clear picture of benefit utilization. By identifying which categories are in higher demand, administrators can assess whether the plan aligns with employee needs and make data-informed adjustments.
Optimizing Benefit Plans: With visibility into category usage, administrators can refine benefit offerings to better match employee preferences, enhancing satisfaction and engagement with the benefits plan.
Guiding Future Planning: Utilization data helps set priorities for benefit adjustments or expansions in the coming benefit years, making the plan more responsive and aligned with employee demands.
Seeing if your employees are maxing out their benefit: Chances are, if all of your employees are reaching 100% utilization, it might be time to look at a higher plan limit to meet your employees needs!
Steps to Run the Utilization Report
Log in to the myHSA system and navigate to the reporting section of your Plan Administrator or Advisor login.
Select “Utilization Report” from the report options.
Choose the desired Benefit Year based on the service date. Ensure that the year selected corresponds with the specific period you wish to review, as this impacts the report's data scope.
Configure Report Settings:
Decide whether you would like to view utilization by category, by plan, or by employee. This selection will tailor the report output to your specific needs.
Generate Report: Once settings are configured, generate the report to access the visual and detailed breakdowns.
Need help? Reach out to our support team at support@getmyhsa.com!