HSA Bank will begin offering an assistance program aimed towards those wanting to adopt a child, as more employers seek to diversify their workplace benefits to meet individual needs.
The Adoption Assistance Plan is a voluntary employer-sponsored program that allows employees to put away pre-tax money under a cafeteria plan and be reimbursed for qualified expenses like adoption fees, court costs, attorney fees, and travel expenses.
HSA Bank touches on the reasoning behind the new offering, noting that the benefit can be valuable for those seeking adoption and low-cost for employers, based on the number of workers who utilize the program.
“While the process of expanding a family through adoption is an exciting time, the process can be costly,” said Chad Wilkins, president of HSA Bank, in a statement. “Our new Adoption Assistance plans allow employers to ease some stress related to the adoption process by providing financial support for this major life moment. This new offering is a further evolution of HSA Bank’s mission to drive value and provide tangible outcomes for customers.”
Employees can utilize the feature by electing the Adoption Assistance Plan during open enrollment season, then submitting expenses for reimbursement with the firm’s Adoption Reimbursement Form.
The offering is the latest expansion by HSA Bank to offer personalized financial wellness solutions catered to employees. The firm added its emergency savings account solution in March, along with a tuition reimbursement feature in 2023. Last year, HSA Bank updated its lifestyle spending accounts, aimed at providing funds for expenses that are not traditionally covered by health insurance or health savings accounts (HSAs).
Such offerings come at a time when more employers are embracing holistic solutions that expand beyond financial wellbeing and include physical, mental, and emotional wellness strategies, in order to draw in higher recruitment and retention numbers.
HSA Bank, a division of Webster Bank, N.A., holds $13.8 billion in total footings, comprising of $8.6 billion in deposit balances and $5.2 billion in assets under administration through linked investment accounts, as of March 31, 2024.
SEE ALSO:
- HSA Bank Adds Emergency Savings Account Solution
- HSA Bank Introduces Tuition Reimbursement Solution
- HSA Bank Grows Employee Wellness Offerings
Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with over six years of experience and a passion for telling stories and reporting news. Amanda received her degree in journalism and government and politics at St. John’s University. She is originally from Queens, New York, but now resides in Denver, Colorado with her partner. In her free time, Amanda enjoys running, cooking, and watching the latest drama show.