Consumer-Driven Health Care Leader Continues to Promote the ‘Health and Wealth’ Benefits of an HSA in Latest Strategic Initiative
ConnectYourCare, a national leader in consumer-directed health care account solutions, today announced that it will offer an integration of its health savings account (HSA) solution into T. Rowe Price Retirement Plan Services Inc.’s retirement plan offering. The product is scheduled to launch in early 2020 and will be available to T. Rowe Price plan sponsor clients who offer a High Deductible Health Plan (HDHP). ConnectYourCare will serve as the product administrator and custodian.
HSAs offer a “triple tax benefit”: contributions, withdrawals for eligible medical expenses, and growth from interest and investments are all tax free. Additionally, HSAs have many features in common with retirement accounts, including the ability to carry over unused, year-end balances into the following year, the ability to retain the account when switching employers, a choice of account investments, and survivor benefits.
The ConnectYourCare HSA solution will be offered within T. Rowe Price’s retirement savings plan recordkeeping platform, giving eligible participants the ability to view and manage their retirement and health savings accounts holistically. The integrated experience, available on both mobile and web, will help participants get a clear understanding of their individual savings circumstances, allowing them to better strategize and prepare for their needs today and in retirement.
“As a leading provider of consumer-directed health offerings, including health savings accounts, flexible spending accounts, health reimbursement arrangements—in addition to commuter and COBRA benefits—our utmost priority is to provide a comprehensive solution that results in increased adoption, higher satisfaction, and better overall value,” said ConnectYourCare Chief Executive Officer, Steve Grieco. “We are delighted to work with T. Rowe Price and look forward to providing their clients with an innovative HSA solution that offers simplicity and convenience in managing health and wealth.”
“We are pleased to partner with ConnectYourCare to provide a platform that offers flexibility, ease of integration, and a robust client experience that provides individuals a holistic view of their retirement and health savings,” said Kevin Collins, Head of Retirement Plan Services, T. Rowe Price. “The cost of health care in retirement is a top concern for many individuals, so having this side-by-side view of their retirement and health savings accounts can help them manage and prepare for these costs effectively.”
About ConnectYourCare
As a consumer-directed health care pioneer and nationally recognized industry leader, ConnectYourCare delivers a comprehensive solution supporting health care savings accounts and expanded tax-advantaged offerings. Through continuous evolution, highly rated service, and domain expertise across the benefits, banking, and payments spectrum, we are revolutionizing the connection between health and wealth. ConnectYourCare creates greater participant value through intuitive account management; greater employer value and savings through dynamic, outcome-based workflows and tools; and greater partnership value through deep engagements to meet goals—with proprietary, cloud-based technology and a modern, intelligent platform as its foundation.
Trusted by leading organizations, spanning all industries and sizes, we are making it easier for people to manage care, so they can enjoy life. For more information, visit ConnectYourCare.com.
About T. Rowe Price Retirement Plan Services, Inc.
T. Rowe Price Retirement Plan Services, Inc. has been a leading retirement solutions provider for more than 30 years, serving more than 2.3 million retirement plan participants in more than 5,400 plans, representing $128.8 billion in assets under management and $217.4 billion in assets under administration, as of November 30, 2019. T. Rowe Price offers a variety of retirement plan types, including defined contribution, defined benefit, nonqualified, 457(b), and 403(b) plans. Please visit here for more information.
