Transamerica Expands Benefits Offering With Health Savings, Spending Accounts

Transamerica has expanded its workplace benefits solutions by offering a health savings account (HSA), health reimbursement account (HRA), health flexible savings account (FSA), limited purpose FSA, dependent care FSA and qualified transportation account (QTA).

The Transamerica HSA, powered by WEX, offers significant tax savings for employees to pay for eligible medical expenses or to invest and save for health expenses in retirement. Employees can access their accounts via Transamerica’s website, along with their retirement accounts. This is meant to emphasize the impact a long-term investment HSA strategy can have on one’s retirement readiness.

“People are concerned about saving for retirement and how medical costs may consume those savings,” says Kent Callahan, CEO of workplace solutions at Transamerica. “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.”

Josh Rundle, head of product development, workplace solutions, at Transamerica, adds: “We are pleased to offer a solution that embodies Transamerica’s Wealth + Health brand. We continue to seek opportunities to help participants improve their retirement outlook.”