The popularity (and awareness) of the benefits health savings accounts bring got a boost Thursday with Voya Financial’s announcement that it’s launched a new suite of health savings and spending account solutions.
The suite will initially include the following tax-advantaged accounts: A Health Savings Account (HSA) to be used in combination with high deductible health plans (HDHPs); a Health Flexible Spending Account (Health FSA); a Limited Purpose FSA; a Dependent Care FSA; and a Commuter Benefit Account.
“Our new suite of savings and spending accounts will give employees even more tools to help them realize their financial goals, offering options for handling unexpected health care costs without dipping into their retirement savings,” Rob Grubka, president of Voya Employee Benefits, said in a statement. “And we are giving employers the flexibility to choose what best fits their benefits portfolios and the ability to meet the needs of their employees.”
Voya’s research has found approximately one-third of retirement plan hardship withdrawals are due to an unexpected medical expense.
Key Features
The accounts will include several key features:
- Easy access to accounts: Employees can access and manage all of their Voya Health Savings and Spending Accounts—when, where and how they need to—through one user-friendly web portal or mobile app.
- One debit card to manage all accounts: Account holders only need one debit card to access funds from any of their Voya Health Savings and Spending Accounts to pay qualified expenses.
- Employer flexibility: Access one administration portal to review reports and activity on all of their Voya Health Savings and Spending Accounts.
In addition to the savings and spending features, HSA account holders with $2,000 or more in their HSA may choose to actively manage their account and select their investment options within their HSA.
For the Voya HSA, Voya Investment Management is providing manager selection and oversight and has constructed the HSA investment menu that includes a mix of funds managed by Voya Investment Management as well as other well-regarded managers.
“We are pleased to provide this valuable savings tool,” Grubka added. “We put a lot of thought into helping people easily access and manage the funds in their accounts, so they can focus more quickly on the medical or family needs at hand.”