HealthEquity, Inc., the nation’s largest independent health savings account custodian, has snagged another partner for its HSA offering.
The most recent: a tie in with Vanguard, which says it has formed a partnership with HealthEquity to provide DC plan sponsors and their participants a new service integrating health and wealth planning for retirement. Vanguard will offer sponsors the ability to provide an HSA solution to their employees that features low-cost Vanguard funds or the same investment options as their 401(k) plan lineup.
Vanguard’s Retirement Readiness Tool technology will integrate the HSA information of Vanguard participants who elect to save in a HealthEquity HSA with their 401(k) balance and other assets to give them a comprehensive view of their current and future retirement savings. According to a press release, participants will also benefit from highly personalized communications that are rooted in behavioral finance and proven to successfully encourage their next best action.
As a supplement to its new HSA solution, Vanguard also plans to introduce a new proprietary health care cost calculator that it says will help participants to better plan and save for health care expenses in retirement.
In October, Nationwide announced plans to make HSAs available in response to what the firm describes as the “perfect storm” brewing for America’s future retirees with a Nationwide HSA that would be administered by HealthEquity beginning in the first quarter of 2019.
