Transamerica recently announced an expansion of the company’s workplace benefit products with the addition of a suite of tax-advantaged employee savings and spending accounts.
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 (also known as QTAs or Commuter Accounts).
The Transamerica HSA, offered on the WEX platforms, provides “significant tax savings for the employee to pay for current eligible medical expenses or to invest and save for health expenses in retirement,” according to the company.
Retirement outlook
Employees will access their accounts via Transamerica’s website, alongside their retirement plan accounts. The integration allows 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.
“People are concerned about saving for retirement and how medical costs may consume those savings,” Kent Callahan, CEO of Workplace Solutions at Transamerica, said in a statement. “Health Savings and Flexible Spending Accounts are a big part of the solution to that problem. Transamerica is excited to bring these valuable options to our customers. Health Savings Accounts are particularly advantageous because workers can save for medical costs in retirement with pre-tax dollars today. Using Health Savings Accounts today and saving unused funds to pay for medical costs and Medicare premiums in retirement is a strategy Transamerica aims to emphasize. We think the strategy will resonate with people seeking to build their retirement nest egg and help ease their concerns about the future.”
“We are pleased to offer a solution that embodies Transamerica’s Wealth + HealthSM brand. We continue to seek opportunities to help participants improve their retirement outlook,” added Josh Rundle, Head of Product Development, Workplace Solutions at Transamerica.
With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of Investment Advisor magazine and retirement editor of ThinkAdvisor.com. Sullivan is also the former editor of Boomer Market Advisor and Bank Advisor magazines, and has a background in the insurance and investment industries in addition to his journalism roots.
