HealthEquity announced it will be rolling out a new suite of 401(k) services that can be integrated with health-savings accounts (HSA) and other consumer-driven health accounts.
The firm will initially offer two health and wealth solutions. The first includes a full-scope 401(k) that aims to reduce costs, risk and compliance workload for employers. The second connects existing retirement plan solutions from third parties to HealthEquity’s HSA. Both offer new tools for plan advisers to help participants leverage health and retirement accounts.
“Health and retirement benefits are evolving in the same direction,” says Jon Kessler, HealthEquity president and CEO. “Value increasingly depends on employees making smart decisions based on long-term goals. Tying consumer-driven health and retirement together will help more employees see the full picture, create and execute a highly personalized plan.”
HealthEquity also announced it has entered into an agreement to acquire the assets and retain the team members of BenefitGuard. Based in Orem, Utah, BenefitGuard specializes in streamlined 401(k) solutions.
“By combining our services with HealthEquity, our goal is to provide a solution for employers and advisers that will integrate HSAs into overall financial education, enabling an entirely new approach to an individual’s health and wealth management,” says Matt Bradley, BenefitGuard’s CEO.Subject to customary conditions to closing, HealthEquity expects the BenefitGuard acquisition to close in the third quarter of its current fiscal year.