Empower Retirement and Optum Launch Innovative, Integrated HSA Solution for Retirement Plan Participants
29 March 2017 - 1:30AM
Business Wire
- New health and retirement savings
solution incorporates HSA balances into retirement income
projections, giving a holistic view of retirement preparedness
- Available this summer to employers to
help their employees plan for their future
Today Empower Retirement, the nation’s second-largest retirement
plan provider, and health services leader Optum launched an
innovative health savings account (HSA) for retirement plan
participants – The Empower Health Savings Account.
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View the full release here:
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The Empower Health Savings Account will provide plan
participants access to an online financial-planning solution that
integrates retirement and health care savings, helping participants
prepare for health care expenses now and into retirement. The
Empower-Optum solution will provide a single investment lineup
across products, access to investment advisors and retirement
planning tools and resources, including health plan selection and
enrollment, retirement plan management, inclusion of wellness
programs and health savings account management. This solution
brings together an individual’s health and retirement portfolio to
help them better plan for health care costs and maximize their
savings across tax-advantaged programs.
The Empower HSA plan will enable participants to identify the
gaps in their retirement plan and develop a strategy to take
action. Optum and Empower’s technology and planning tools integrate
the HSA and the retirement plans to provide analysis and
forecasting of the participant’s retirement preparedness.
“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 F. 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.”
“This new HSA offering can help consumers create affordability
today as well as in retirement,” said Deborah Culhane, senior vice
president of Optum. “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.”
The Empower participant website helps people better understand
their future savings needs. The site’s design and functionality is
based on years of analyzing factors that drive participant
behavior. Empower data shows that participants in
defined-contribution retirement plans tend to take action when
offered personalized tools and information to help them understand
specific factors relating to their retirement preparedness.
Through the Empower HSA, employers will gain a way to help their
employees plan for the future. Participants will have access to
aggregated retirement readiness information, including the
retirement plan and health savings account data. Employers will
also benefit from streamlined administration through a dedicated
partner, and integrated tools and services.
Murphy noted that Empower was the first retirement plan provider
to offer plan participants the ability to project their health care
expenses in retirement through the company’s Health Cost Estimator
and is continuing that strategy by introducing a solution that
helps people understand how their health affects their wealth.
About OPTUM: Optum is a leading information and
technology-enabled health services business dedicated to helping
make the health system work better for everyone. With more than
100,000 people worldwide, Optum delivers intelligent, integrated
solutions that help to modernize the health system and improve
overall population health. Optum is part of UnitedHealth Group
(NYSE: UNH).
About EMPOWER RETIREMENT: Headquartered in metro Denver,
Empower Retirement administers $475 billion in assets for 8.2
million participants. It is the nation’s second-largest retirement
plan recordkeeper by total participants (Pensions &
Investments, April 2016). Empower serves all segments of the
employer-sponsored retirement plan market: government 457 plans,
small, midsize, and large corporate 401(k) clients, non-profit
403(b) entities and private-label recordkeeping clients. For more
information, please visit www.Empower-Retirement.com.
About HSAs: An HSA is a medical savings account available
to taxpayers who are enrolled in a high-deductible health plan.
When used for qualified medical expenses, the funds within an
account are not subject to federal income tax. HSA funds roll over
and accumulate year to year and are owned by the participant.
Unlike a flexible savings account that’s used for spend-as-you-go
expenses, an HSA is designed to help workers save additional funds
for healthcare needs in retirement.
Learn MoreTo learn more about how we’re empowering plan
sponsors and their participants to be more engaged in their
retirement plans than ever before, call us at 800-719-9914.
Empower Retirement refers to the products and services offered
in the retirement markets by Great-West Life & Annuity
Insurance Company (GWL&A), Corporate Headquarters: Greenwood
Village, CO; Great-West Life & Annuity Insurance Company of New
York , Home Office: White Plains, NY; and their subsidiaries. The
trademarks, logos, service marks, and design elements used are
owned by GWL&A.
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View source
version on businesswire.com: http://www.businesswire.com/news/home/20170328005173/en/
EmpowerStephen Gawlik, 303-737-0899Cell:
617-417-4408Stephen.Gawlik@greatwest.comorOptumLauren
Mihajlov, 952-205-6312Lauren.mihjalov@optum.com
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