Wachovia Unveils HSA Product

December 19, 2007 (PLANSPONSOR.com) - Wachovia Retirement Services (WRS) has launched a health savings account (HSA) product - Wachovia HealthAdvantage HSA.

A news release said the tax-advantaged account can be used to pay for current or future qualified medical expenses.

Wachovia said that with the HSA:

  • Funding is on a pre-tax basis,
  • Distributions made for qualified medical expenses from the HSA are tax-exempt, and
  • Investment income growth is tax-deferred.

The Wachovia HealthAdvantage HSA is available to customers through three primary vehicles:

  • As part of Wachovia’s retirement plan services offered to employers,
  • At companies where Wachovia is the Treasury Services provider, and
  • Through Wachovia’s retail bank call center and the HealthAdvantage HSA enrollment and information Web site located at www.wachovia.com/healthadvantage .

“This product puts us in a position to help ease the concerns of our clients as it relates to health care costs in retirement,” said Joe Ready, senior vice president and director of WRS, in the news release.

“Most people probably will shoulder the majority of their healthcare costs during retirement, but this product is set up to help people save for both current and future healthcare costs. The ability to save tax-deferred income is the key to helping our customers, and we think this product will make a difference.”

More information is at www.wachovia.com .