Products January 23, 2020

HSA Bank, Principal Pair HSA, Retirement Savings Information

The collaboration gives Principal customers with an HSA through HSA Bank easy access to a comprehensive online snapshot of their retirement portfolio.

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HSA Bank, a division of Webster Bank, N.A., announced a new relationship with Principal Financial Group, through which the firms will offer customers a convenient way to view their health savings account (HSA) balances alongside the rest of their retirement plan information.

The collaboration gives Principal customers with an HSA through HSA Bank easy access to a comprehensive online snapshot of their retirement portfolio—one that includes their HSA balances. Through an application programming interface (API), customers who authorize the integration of their HSA Bank and Principal accounts will be able to get a holistic view of their HSA cash and investment balances. With single sign-on (SSO) technology, customers utilizing the Principal retirement portal can easily log into the HSA Bank website with one click to better manage their account for long-term savings and future health care costs.

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“We know health care can be a significant expense throughout a person’s lifetime, especially in retirement, and that HSAs are an advantageous way to save for future health care costs,” says Chad Wilkins, president of HSA Bank. “I believe this relationship will provide a useful tool for customers, uniting health and wealth in one common goal: to meet their retirement savings needs.”

Products January 23, 2020

Businessolver Introduces Emergency Savings Employee Benefit

The solution automatically deducts funds from an employee's paycheck, after taxes, and deposits them into an account in an amount specified by the employee.

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Businessolver, a provider of SaaS-based benefits administration technology and services, has introduced Goal Accounts (GA), its latest product innovation within the MyChoice Accounts suite of solutions.

Like current MyChoice Accounts products, GAs are elected and managed within the Benefitsolver employee benefits platform. The solution automatically deducts funds from an employee’s paycheck, after taxes, and deposits them into an account in an amount specified by the employee. Funds are available any time without penalty via a debit card or electronic transfer. Employees can establish a GA as part of their benefits enrollment process since the accounts are integrated with Benefitsolver.

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“We’re excited to build this relationship with Businessolver and be part of an innovative solution that will help individuals further contribute to their financial wellbeing,” Chief Operating Officer and Director of UMB Healthcare Services Phil Mason says. “Adding this vehicle to existing items like HSAs and 401(k)s is one more way employers can help support employees in achieving their overall savings goals.”

Rae Shanahan, Businessolver’s chief strategy officer, says, “With our MyChoice Accounts products, saving for both short- and long-term goals is automated and simple, and employees can see their ‘one wallet’ of compensation and savings from our Benefitsolver platform and the MyChoice Mobile App, with which they are already engaging. Additionally, employers can communicate with and educate their employees about the importance of their overall benefits package and financial health from one cohesive solution.”

More information may be found here.

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