January 17, 2019
Health and retirement savings continues to be a growing focus for Americans due to the uncertainty of rising health care costs. To help them plan for this, Principal Financial Group® is announcing its first collaboration with a leading health savings account (HSA) provider, HealthEquity, to give retirement customers a holistic picture of their retirement outlook, including their HSA balances.
The agreement allows Principal® customers with an HSA through HealthEquity to have the option to access a consolidated view of their financial picture. The Retirement Wellness Planner currently allows people to link to information for other accounts to see their full financial picture in one quick snapshot.
“There’s a tremendous benefit in being able to take a holistic view of your financial picture. And with healthcare costs being a top concern for employers, employees, and retirees, it’s an important piece of overall retirement planning,” said Joleen Workman, vice president of customer care at Principal. “Principal will continue to work with other leading HSA providers to bring this simplified approach to more employees in the workplace.”
More than 7 in 10 workers say it would be helpful if their workplace offered education on planning for health care expenses in retirement. In addition to this HSA enhancement, Principal® Milestones, the new financial wellness offering from Principal, includes educational resources on HSAs to help people use them to their fullest, which may include using the funds for retirement healthcare costs.
“As Americans continue to focus on managing healthcare expenses while saving for retirement, the convergence of health and wealth is a critical part of long-term financial planning. Our relationship with Principal to include HSA balances in the Retirement Wellness Planner will allow consumers to further manage their financial savings goals,” said Bill Otten, executive vice president of sales at HealthEquity.
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