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Empower Retirement, a retirement plan provider, and health services company Optum have introduced health savings account (HSA) solution for retirement plan participants.
The solution will provide a single investment line-up across products, access to investment advisors and retirement planning tools and resources, including health plan selection and enrolment, retirement plan management, inclusion of wellness programs and health savings account management.
It incorporates HSA balances into retirement income projections, and is aimed at enabling participants to better prepare for health care expenses and maximize savings across tax-advantaged programs.
"Health care in retirement can be a considerable expense and one that makes retirement planning more challenging. The Empower Health Savings Account can help people prepare for that challenge," said Edmund Murphy III, president of Empower Retirement. "In this exclusive collaboration with Optum, the nation’s largest HSA provider, we’re taking retirement health care planning and saving to the next level."
Deborah Culhane, senior vice president of Optum, added: "This new HSA offering can help consumers create affordability today as well as in retirement. Our collaboration with Empower enables us to deliver the tools and experiences that our customers want and need to make the best use of their health care savings."
Optum, Empower Retirement, Health savings account, US
