In recent years, there has been a growing focus on diversity, equity, and inclusion (DEI) in the workplace. Companies are recognizing the importance of creating a diverse and inclusive workforce and are taking steps to ensure that their employees feel valued, respected, and supported. One company that has made significant strides in achieving its DEI goals is Pfizer, a global pharmaceutical company.
Pfizer has implemented a unique approach to promoting DEI through its health savings account (HSA) plan design. In this blog, we’ll take a closer look at how Pfizer achieved its DEI goals through HSA plan design.
What is an HSA?
A health savings account, or HSA, is a tax-advantaged savings account that is designed to help people pay for qualified medical expenses. An HSA is only available to people who have a high-deductible health plan (HDHP). An HDHP is a type of health insurance plan that has a higher deductible than traditional health insurance plans. Because of the high deductible, the premiums for an HDHP are usually lower than traditional health insurance plans.
How Pfizer Achieved Its DEI Goals Through HSA Plan Design
Pfizer recognized that its employees had different healthcare needs and that traditional healthcare plans may not meet the needs of all employees. The company decided to offer an HSA as part of its benefits package to provide its employees with greater flexibility and control over their healthcare spending. The HSA plan design was also tailored to promote DEI in the following ways:
- Equitable Contributions
Pfizer recognized that employees with lower incomes may not have the financial resources to contribute to an HSA, which could prevent them from taking advantage of the tax benefits and cost savings that an HSA offers. To address this issue, Pfizer implemented an equitable contribution strategy that provides an initial contribution to employees who meet certain income criteria. This ensures that all employees have the opportunity to benefit from the cost savings and tax advantages of an HSA.
- Language Support
Pfizer recognizes that many of its employees speak languages other than English. To ensure that all employees have access to the benefits of the HSA plan, Pfizer offers customer service support in multiple languages. This ensures that all employees can understand and make the most of the HSA benefits, regardless of their primary language.
- Culturally-Competent Education
Pfizer recognized that some employees may not be familiar with the concept of an HSA or may not be comfortable managing their healthcare expenses. To address this, Pfizer offered culturally-competent education to employees to ensure they have the knowledge and skills needed to make informed healthcare decisions. The education materials were tailored to meet the unique needs of different employee populations to ensure that everyone feels supported and empowered to make the most of their HSA.
- Promoting Diversity in Healthcare
Pfizer recognizes the importance of promoting diversity in the healthcare industry. To support this goal, the company offers a range of wellness programs that are tailored to meet the unique needs of different employee populations. For example, Pfizer offers wellness programs for women’s health, LGBTQ+ health, and mental health, among others. This ensures that all employees feel supported and that their unique healthcare needs are being met.
Pfizer’s unique approach to promoting DEI through HSA plan design has been highly successful. The company has been able to offer a benefits package that meets the unique needs of its diverse workforce while promoting greater equity, inclusion, and cultural competence. By offering an HSA plan that is tailored to promote DEI, Pfizer has been able to attract and retain a highly diverse workforce while providing its employees with the support and resources they need to make informed healthcare decisions. Other companies looking to promote DEI in the workplace can learn a lot from Pfizer’s innovative approach to benefits