Nationwide announced plans to offer health savings accounts (HSAs).
The Nationwide HSA will be administered by HealthEquity, Inc., an independent HSA custodian. The solution will allow participants to more efficiently track their 401(k), 457 and 403(b) plans along with their HSA, while offering access to education and investment selection.
In a press release, Nationwide points out that an Alight Solutions study demonstrated that when workers are eligible to contribute to HSAs and 401(k)s, those who use both save more than people who use just one.
“We are committed to bringing America’s workers solutions designed to help them gain confidence and take action to efficiently prepare for health care expenses in retirement,” says John Carter, president of Nationwide’s retirement plan business. “HSAs supplement workplace savings plans, while offering special tax treatment not found in other retirement accounts.”
Nationwide HSAs will be available beginning first quarter 2019. For more information on HSAs, go to http://www.nationwidefinancial.com/nationwide-retirement-institute/health-savings-accounts.