Case Study: Pfizer’s unique HSA plan design
How Pfizer designed an income tiered HSA plan to deliver value to all colleagues and partnered with HealthEquity to engage and educate colleagues.
HSA
Benefit
Pharmaceutical
Industry
29,000+
Employees
In 2021, Pfizer colleagues had been requesting HSA-qualified health plan options. Pfizer was interested in the option but wanted to ensure that any new plan options would ensure value for all colleagues regardless of income level, be easy to understand, and provide a best-in-class member experience.
Challenge
Pfizer was seeking an HSA administrator that would provide an excellent client experience. Some of the company's colleagues were familiar with HSAs, while others would be learning about them for the first time. Pfizer needed a partner that could help educate and engage all colleagues on the benefits of an HSA and the new plan design.
“We were looking for an HSA administrator that could provide the kind of support and experience our colleagues deserved.”
Michele Proscia
VP, US Benefits, Pfizer
Solution
Pfizer designed an HSA with four income-tiered HSA contribution levels and chose HealthEquity to administer the accounts because of their HSA expertise. Lower income earners get a higher employer contribution to their HSA, helping to ensure equitable value across the organization.
What's more, the full employer contribution is available on the first day of the plan year. This plan design seeks to help all colleagues—regardless of income—get the resources they need to manage healthcare costs and build long-term savings.
“HealthEquity made this seamless. Their team was instrumental in helping us design a plan that truly reflected our commitment to colleague well-being.”
Michele Proscia
VP, US Benefits, Pfizer
Over one-third of eligible Pfizer colleagues enrolled in the HSA plan the first year.
Success
The results were astounding. Roughly one in three Pfizer colleagues chose the HSA-qualified health plan option. Proscia believes that, while it is still early, the benefit is attracting and retaining talent and contributing to financial wellness across the organization.
“From an enrollment perspective, it was a huge success. Everyone was so helpful in the rollout and in making sure we had clear information from HealthEquity.”
Michele Proscia
VP, US Benefits, Pfizer
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About us
Since our founding in 2002, HealthEquity has remained laser-focused on a singular goal: Empower working Americans to gain more choice and control over their healthcare and financial future.
We do that by offering a full range of tax-advantaged benefit accounts and services, along with expert guidance, innovative tools, and personalized support.