The New Integration to Make Retirement Planning Easier

August 19, 2019

How much will you need saved for retirement? The amount is always climbing. To tackle the ever-increasing financial need, many are turning to a multi-faceted retirement savings strategy that includes both a Health Savings Account (HSA) and a 401(k).

That’s why we’re excited to announce a new integration with Bell Bank, which gives participants who are enrolled in both a Discovery Benefits HSA and Bell Bank 401(k) expanded access to their accounts. This makes it easier for them to implement a comprehensive retirement-planning approach and stay up to date with both accounts. Keep reading to see what this integration means for your employees who have both accounts, and complete the form below to download your free white paper to see why pairing an HSA with a 401(k) empowers your employees to build a successful strategy for retirement.

What is the integration?

We’ve developed an integration that lets our HSA participants who also participate in a Bell Bank 401(k) access both accounts through a single sign-on. This makes it easier for them to leverage their HSA and 401(k) as a holistic retirement-planning and management solution.

 “The cost of healthcare during retirement should be something consumers start planning for well in advance of retirement,” said Discovery Benefits Senior Vice President of Operations Kelly Hockett. “The integration helps consumers use their HSA along with a more traditional account like a 401(k) to meet their retirement goals.”

How will the integration affect retirement savings?

A recent study found that 57 percent of HSA-enrolled employees contribute to both an HSA and a 401(k). The integration caters to these employees and encourages them to contribute to both accounts simultaneously by making it easier to access and manage both from one spot. Each account has its advantages,

Your employees will also be more likely to actively engage with their 401(k). During beta testing, we found that employees accessed their 401(k) 50 percent more often when the single sign-on integration was enabled.

How does it work?

If you offer your employees any benefits plan through Discovery Benefits and a 401(k) through Bell Bank, your participants can access both their HSA and 401(k) accounts once they’ve logged in to their Discovery Benefits online account. The 401(k) account is a single click away. All it takes is you, as the employer, to sign up and enable the integration.

“I love the single sign-on integration between my HSA and 401(k)!,” said one Discovery Benefits/Bell Bank participant who was part of the beta test. “Having this functionality eliminates another password to try to remember and gives me access to the full picture of retirement balances in one spot.”

Would you like to learn more about simplifying your retirement plans by pairing your Discovery Benefits HSA with a Bell Bank 401(k)? Contact us today!

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