Artificial intelligence: Helping employees make smarter benefit choices

Virtual assistants, self-driving cars, robots … artificial intelligence (AI) is becoming increasingly more present in our lives, helping make everyday tasks a little easier. This type of smart technology can also play a role in helping employees make decisions about their benefits. The key to success: use technology to keep it simple, accessible and relevant.

Following are a few of these innovations and how we are thinking about them in our health benefit solutions to help guide employees toward strategies that can improve their financial and overall well-being.

Next benefit dollar. This digitally-driven experience is designed to help take the guess work out of how to manage multiple consumer-directed accounts. It can help employees determine to which account—401(k), HSA, IRA, etc.—they might consider contributing their next dollar earned. Technology can play a role in educating employees on the value of each of their accounts, assist them in maximizing accounts and guide them in developing a personalized benefits strategy aligned with their current and future needs and goals. This personalized experience is on our Enhancement Roadmap as a planned future innovation.
Choose wisely. With the digital tracking and integration of claims information, such as costs of typical procedures, physician costs and differences by location, employees can access data that can help them better assess the pricing and quality of medical services. This information can help employees plan for and limit out-of-pocket expenses. This solution is planned for health benefit accounts later in 2019.
Investing in Health Savings Accounts (HSA). HSAs are becoming more common as a tool to help manage medical costs today and plan for future health care expenses in retirement. The investment1 option of an HSA is a valuable feature to help participants pursue their long-term goals, but many participants are not putting it to use. Using online tools to guide participants on how to create an investment portfolio (risk-based or target retirement based) could help them feel more confident to make decisions about the HSA investment option. This is a future enhancement.
Convenience on the go. With more and more people accessing online information through their mobile devices than ever before, it is important to provide employees with the ability to take action on their benefits right from their smartphones and tablets. Mobile apps will continue to play a key role in engaging employees with their benefits and enabling them to take charge of their financial wellness—simply and safely. Watch for ongoing enhancements to Benefits OnLine® and Health Benefit Solutions mobile apps throughout the year.

1 Investing in securities involves risks, and there is always the potential of losing money when you invest in securities.