Today, ConnectYourCare 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.
“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.”