Transamerica announces the expansion of the company’s workplace benefit solutions with the
addition and integration of a suite of tax-advantaged employee savings and spending accounts.
Employers can now select Transamerica as their provider for Health Savings Accounts (HSAs), Health Reimbursement Accounts (HRAs), Health Flexible Savings Accounts (FSAs), Limited Purpose FSA, Dependent Care FSAs, and Qualified Transportation Accounts (also known as QTAs or “Commuter Accounts”).
The Transamerica HSA, powered by WEX, offers significant tax savings for the employee to pay for current eligible medical expenses or to invest and save for health expenses in retirement. Employees will access their accounts via Transamerica’s website, alongside their retirement plan accounts. This integration allows employees to track their retirement balance and HSA balance in one location, emphasizing the impact a long-term investment HSA strategy can have on their retirement outlook.
“People are concerned about saving for retirement and how medical costs may consume those
savings. Health Savings and Flexible Spending Accounts are a big part of the solution to that problem. Transamerica is excited to bring these valuable options to our customers,” said 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.”
“We are pleased to offer a solution that embodies Transamerica’s Wealth + HealthSM brand. We
continue to seek opportunities to help participants improve their retirement outlook,” said Josh Rundle, Head of Product Development, Workplace Solutions at Transamerica.
For more information on Transamerica’s Workplace Solutions, employers can contact their financial consultant.