Health Saving Accounts See Growth

Health savings accounts (HSAs) are a popular option for many Americans looking to pay for medical expenses. And according to a new analysis by the Employee Benefit Research Institute (EBRI), HSA balances and contributions increased in 2021, despite employees spending more on healthcare.

The study found that the majority of HSA holders contributed more than they withdrew in 2021, resulting in an increase in balances. The average HSA balance rose from $2,645 at the beginning of 2021 to $3,902 by the end of the year. This is great news for those who use HSAs to pay for medical expenses, as it shows that they are able to save and prepare for future healthcare costs.

One reason for the increase in HSA balances is likely due to the fact that employees are becoming more aware of the benefits of HSAs. These accounts allow individuals to save pre-tax money for healthcare expenses and offer tax-free withdrawals for qualified medical expenses. In addition, many employers are also offering contributions to employee HSA accounts, which can help to boost balances even further.

Despite the increase in HSA balances, the study found that patients were seeking healthcare services more frequently in 2021 and spending more out of pocket than in 2020. This suggests that employees are utilizing their HSAs to pay for healthcare expenses and are relying on their accounts to cover the costs of medical care.

The EBRI study also found that the HSA market is growing rapidly, with the database covering $39.5 billion in assets and an estimated representation of 40% of the entire HSA market. This growth suggests that more and more individuals are turning to HSAs as a way to pay for healthcare expenses and are reaping the benefits of these accounts.

Overall, the increase in HSA balances and contributions in 2021 is a positive sign for the future of these accounts. As employees become more aware of the benefits of HSAs and utilize them to pay for healthcare expenses, these accounts will continue to grow in popularity and help individuals to better prepare for future medical expenses. 

Ahsan Tariq

Department of Management Science 

Preston University

Reg#1093-114118

ahsantariq28715@outlook.com

Blended Assessment for Hiring

 In today's competitive job market, companies are increasingly focused on optimizing their hiring processes to attract top talent while simultaneously minimizing time-to-hire. Traditional assessment methods can be lengthy and disjointed, leading to a negative candidate experience and potentially losing qualified candidates in the process. However, advances in technology have made it possible to deliver a single blended assessment that is both more efficient and inclusive for candidates.

Intelligent blended assessment is a method that combines various assessment techniques into a single test that measures a candidate's abilities and potential for the position. This process can include different types of assessments, such as cognitive ability, personality, situational judgment, and skills-based tests, among others. By combining these assessments into one process, candidates can receive comprehensive feedback and an accurate assessment of their overall fit for the position.

The benefits of using intelligent blended assessment include a streamlined hiring process, improved candidate experience, and better accuracy in identifying top talent. This process can also save hiring managers time and resources, as they no longer have to manage multiple tests and assessments, while still obtaining the necessary information needed to make informed hiring decisions.

One way that organizations can use intelligent blended assessment is by utilizing technology platforms that offer a variety of assessments in one place. Talogy, for example, is an assessment platform that provides a customizable suite of assessments that can be tailored to fit each organization's specific needs. The platform uses advanced analytics to provide hiring managers with insights and predictive data on candidate performance, enabling them to make informed hiring decisions quickly.

Moreover, Talogy and similar platforms can deliver feedback to candidates that is concise, clear, and focused on specific areas for improvement. This feedback is crucial to help candidates better understand their strengths and weaknesses, and it can help them identify areas to work on for future job applications.

Conclusion:

Intelligent blended assessment is an effective and efficient method for improving the candidate journey while also saving time for hiring managers. By utilizing advanced technology platforms like Talogy, organizations can optimize their hiring processes and accurately identify top talent in less time. This process also provides candidates with a better experience by reducing the number of assessments they need to complete and providing them with more focused feedback. As the job market continues to evolve, companies that adopt this approach are likely to gain a competitive advantage in attracting and hiring the best candidates.

Ahsan Tariq

Department of Management Science 

Preston University

Reg#1093-114118

ahsantariq28715@outlook.com