Transamerica is expanding its workplace benefit solutions with the addition of a suite of tax-advantaged employee health savings and spending accounts for employers and their participants.
Employers can now select Transamerica as their provider for Health Savings Accounts (HSAs), Health Reimbursement Accounts (HRAs), Health Flexible Savings Accounts (FSAs), Limited Purpose FSA, Dependent Care FSAs and Qualified Transportation Accounts, according to the firm’s announcement.
Powered by WEX, the Transamerica HSA offers tax savings for participants to pay for current eligible medical expenses or to invest and save for health expenses in retirement, with access to their accounts via Transamerica’s website, alongside their retirement plan accounts. This will allow employees to track their retirement balance and HSA balance in one location, emphasizing the impact a long-term investment HSA strategy can have on their retirement outlook, the firm notes.
“Health Savings Accounts are particularly advantageous because workers can save for medical costs in retirement with pre-tax dollars today,” notes Kent Callahan, CEO of Workplace Solutions at Transamerica. “We think the strategy will resonate with people seeking to build their retirement nest egg and help ease their concerns about the future.”
