T. Rowe Price Pairs HSA With Retirement Plans

ConnectYourCare's health savings account (HSA) solution will be offered within T. Rowe Price's retirement savings plan recordkeeping platform.

T. Rowe Price Retirement Plan Services Inc. announced that it will offer integration of ConnectYourCare’s health savings account (HSA) into its retirement plan offering. ConnectYourCare, a national provider of consumer directed health care solutions, will serve as the product administrator and custodian.

The HSA solution will be offered within T. Rowe Price’s retirement savings plan recordkeeping platform, giving eligible participants the ability to view and manage their retirement and health savings accounts holistically. The integrated experience, available on both web and mobile, will help participants get a clear understanding of their individual savings circumstances, allowing them to better strategize and prepare for their needs today and in retirement.

The solution will also include planning tools and resources, including a future enhancement that will give participants the ability to calculate retirement income inclusive of HSA balances.

Plan sponsors who sign up for the new solution will have access to negotiated pricing, aggregate account balance reporting, and the ability to help employees maximize savings through direct access to a wide range of investment funds, including T. Rowe Price no-load, low-expense ratio funds.

“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,” says 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.”

The solution 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).