Press Release: HSA Bank teams up with Principal to deliver more holistic view of retirement and healthcare benefits
Milwaukee, Jan. 21, 2020 — HSA Bank, a division of Webster Bank, N.A., announced a new relationship with Principal Financial Group® to offer customers a convenient way to view their Health Savings Account (HSA) balances alongside the rest of their retirement plan information.
The collaboration gives Principal® customers with an HSA through HSA Bank easy access to a comprehensive online snapshot of their retirement portfolio—one that includes their HSA balances. Through a robust API, or application programming interface, customers who authorize the integration of their HSA Bank and Principal accounts will be able to get a holistic view of their HSA cash and investment balances. With Single Sign-On (SSO) technology, customers utilizing the Principal retirement portal can easily log into the HSA Bank website with one click to better manage their account for long-term savings and future healthcare costs.
"We know healthcare can be a significant expense throughout a person’s lifetime, especially in retirement, and that HSAs are an advantageous way to save for future healthcare costs," said Chad Wilkins, president of HSA Bank. "I believe this relationship will provide a useful tool for customers, uniting health and wealth in one common goal: to meet their retirement savings needs."
Despite estimates that a healthy couple retiring today will need $360,000 to cover total lifetime healthcare costs¹, 40 percent of consumers never save money specifically for future healthcare expenses². Both Principal and HSA Bank offer resources to help consumers understand and maximize the benefits of HSAs, including using the funds for retirement healthcare costs.
“Rising healthcare costs are a big concern for employers, employees, and retirees alike,” said Joleen Workman, vice president of customer care at Principal. “There’s a huge advantage in being able to look at your financial outlook as a whole, and we’re excited to work with leading HSA providers like HSA Bank to offer this simplified solution to more employees in the workplace.”
For more information on how HSAs can support retirement savings, visit hsabank.com.
1 "HealthView Services 2018 Retirement Healthcare Costs Data Report." HealthView Services. 9 May 2019. http://www.hvsfinancial.com/wp-content/uploads/2018/09/2018-Retirement-Health-Care-Costs-Data-Report.pdf
2 “HSA Bank Health and Wealth IndexSM.” HSA Bank. March 19, 2019. http://www.hsabank.com/hsabank/learning-center/index2019
About HSA Bank
At HSA Bank, we’re working toward a world where everyone is empowered to save for a healthy future. By providing the right tools and resources, we make it simple for our 3 million members nationwide to maximize their savings for healthcare and long-term goals. As a leader in health accounts for over two decades, we continue to innovate. Our offerings in the healthcare savings space drive down healthcare costs, increase access, and assist with decision-making for consumers, health plans, partners, and advisors. As of September 30, 2020, HSA Bank had $9.4 billion in total footings comprising $7.0 billion in deposit balances and $2.4 billion in assets under administration through linked investment accounts.