As healthcare costs continue to soar, employers are using high deductible health plans as a way to manage employee benefit costs. And individuals need help saving, as many ways as possible, for future medical bills.
Effective October 1, 2021, Voya will provide employees of plan sponsors in the ABA Retirement Funds Program (“Program”) with access to the Voya Financial® (“Voya”) Health Savings Account (“HSA”) through Voya Benefits Company, LLC.
If you have a high deductible health plan, offering the Voya HSA to your employees will provide your employees who are also participants in your retirement plan with a cohesive experience – one source for tools and education resources.
Your plan participants who select the Voya HSA will have an integrated view of both their retirement account balances and their HSA balances when logging onto the Program website at abaretirement.com.
Next week, the Program will send you additional information regarding this new offering, including details on how you can offer the Voya HSA and your employees can enroll.
If you have any questions, please email us at contactus@abaretirement.com.
1 https://www.nasdaq.com/articles/medical-bankruptcy-is-killing-the-american-middle-class-2019-02-14
2 https://news.gallup.com/poll/248081/westhealth-gallup-us-healthcare-cost-crisis.aspx
HSA offered by Voya Benefits Company, LLC (in New York, doing business as Voya BC, LLC). Custodial services provided by WEX Inc. WEX, Inc. is not affiliated with the Voya® family of companies.
This highlights some of the benefits of a HSA. If there is a discrepancy between this material and the plan documents, the plan documents will govern. Subject to any applicable agreements, Voya and WEX Health, Inc. reserve the right to amend or modify the services at any time.
The amount saved in taxes will vary depending on the amount set aside in the account, annual earnings, whether or not Social Security taxes are paid, the number of exemptions and deductions claimed, tax bracket and state and local tax regulations. Check with a tax advisor for information on whether your participation will affect tax savings. None of the information provided should be considered tax or legal advice.
Investments are not FDIC Insured, are not guaranteed by Voya Benefits Company, LLC (in New York, doing business as Voya BC, LLC), and may lose value. All investing involves risks of fluctuating prices and the uncertainties of return and yield inherent in investing. All security transactions involve substantial risk of loss.
©2021 Voya Benefits Company, LLC (in New York, doing business as Voya BC, LLC). All rights reserved.
