MetLife Adds Health Savings And Spending Accounts To Its Voluntary Benefit Offerings

MetLife, Inc. (NYSE: MET) today announced an expansion of its benefits offerings in the U.S. to include Health Savings & Spending Accounts. These products provide employees tax-advantaged benefit account solutions that will help to maximize existing healthcare and voluntary benefits offerings. MetLife’s new suite of products will be available across the U.S. for 1/1/2021 plan effective dates.

“We are continuously looking for ways to meet the evolving needs of our customers as they look to provide their employees with greater flexibility, personalization and choice,” said Todd Katz, executive vice president, Group Benefits at MetLife. “Health Savings & Spending Accounts are a natural extension of our industry-leading employee benefits solutions. By offering employers an integrated experience and consolidated account management across all of MetLife’s benefits, we are helping them save time, reduce complexity and provide their employees with even more tools to help them realize their financial goals.”

MetLife’s Health Savings & Spending Accounts suite of solutions will initially include Health Savings Account (HSA), Health Flexible Spending Account (Health FSA), Limited Purpose FSA, Dependent Care FSA and Commuter Benefits. MetLife is offering a robust end-to end solution to employers and brokers, providing a best-in-class employee user experience, powered by WEX Health.

MetLife’s Health Savings & Spending Accounts will include several best-in-class features:

• Single, multi-purpose debit card for all Health Savings & Spending Accounts with built-in technology to automatically draw from the most logical account for each swipe.
• Integrated technology platform with one web portal and mobile app for consumers and one administrative portal for employers and brokers to manage all Health Savings & Spending Accounts.
• Robust investment¹ options for account holders with at least $2,000 in their HSA to invest the balance of their assets in mutual funds or through a self-directed brokerage account. Employees and employers will benefit from MetLife’s investment management expertise and institutional retirement capabilities.
• Industry-leading tailored education and decision-support tools for employees that leverage MetLife’s expertise in voluntary benefits education and Financial Wellness capabilities.
• Holistic, consultative approach – across health savings and spending accounts, and our entire range of core and voluntary benefits – to help employers select and configure benefit solutions to best meet the diverse needs of their unique employee base.

Continued Katz, “Having Health Savings & Spending Accounts as a MetLife offering, and the ability to integrate these products with a range of benefits administration platforms, means that employers can offer a smoother and more seamless experience, eliminating some of the complexities of using multiple providers.”