Lincoln Financial Group introduces comprehensive health savings solutions for plan sponsors
19 Outubro 2023 - 10:54AM
Business Wire
New solution supports financial wellness,
including medical expense management and retirement readiness, for
employers and employees.
Lincoln Financial Group (NYSE:LNC) announced today the launch of
an expanded suite of health savings solutions designed to empower
retirement plan sponsors with a holistic approach to employee
financial wellness. The comprehensive offering now includes a fully
integrated Health Savings Account (HSA) that serves as a
tax-efficient tool to manage qualified medical expenses, achieve
savings and pursue retirement readiness.
Research shows that 45% of Americans surveyed say covering
out-of-pocket medical expenses of $500 or more would be a financial
hardship.¹ With healthcare costs projected to increase by an
average of 5.4% annually over the next decade, employers are
increasingly turning to HSAs paired with high-deductible health
plans (HDHPs) as a strategic solution to help contain rising
expenses and meet employee needs.² The HSA allows employees to set
aside pre-tax money for eligible healthcare expenses and it can
also be used to save for retirement. When given the opportunity,
60% of employees chose to enroll in an HSA-qualifying health
option.³
“In the US, financial wellness is tied to overall health.
Lincoln’s health savings solutions provide a comprehensive,
integrated approach to both. By offering HSAs as part of their
benefits package, plan sponsors can empower their employees to take
control of their financial future, effectively managing healthcare
expenses today while building a robust retirement savings nest
egg,” said Ralph Ferraro, senior vice president, Retirement Plan
Services, Lincoln Financial Group.
HSAs are an integral part of Lincoln’s health savings solutions,
offering numerous advantages for employers and employees:
- Streamlined administration and investment flexibility
- Enhanced employee recruitment and retention
- Triple tax savings
- Flexibility to use funds
- Holistic financial wellness support
Lincoln’s new HSA offering is powered by industry leading
vendors, WEX (NYSE:WEX) and BPAS (Benefit Plan Administrative
Services).
The HSA offering is just one way Lincoln is making benefits more
beneficial for employers, employees and their families. The company
continues to expand its financial wellness program through its
proprietary financial wellness tool, Lincoln WellnessPATH®, and
Lincoln’s Financial Wellness Marketplace. Visit Lincoln’s health
savings solutions page for more information.
WEX and BPAS are not affiliates of Lincoln Financial Group.
¹ Lincoln Financial, Consumer Sentiment Tracker, April 2022 ²
“NHE Fact Sheet,” Centers for Medicare & Medicaid Services,
2022,
https://www.cms.gov/Research-Statistics-Data-and-Systems/Statistics-Trends-and-Reports/NationalHealthExpendData/NHE-Fact-Sheet
³ Plan Sponsor Council of America – 2022 HSA Survey.
About WEX
WEX (NYSE: WEX) is the global commerce platform that simplifies
the business of running a business. WEX has created a powerful
ecosystem that offers seamlessly embedded, personalized solutions
for its customers around the world. Through its rich data and
specialized expertise in simplifying benefits, reimagining mobility
and paying and getting paid, WEX aims to make it easy for companies
to overcome complexity and reach their full potential. For more
information, please visit www.wexinc.com.
About BPAS
BPAS is a national provider of retirement plans, benefit plans,
fund administration, and collective investment trusts. We support
4,500 retirement plans, $110 billion in trust assets, $1 trillion
in fund administration, and more than 620,000 participants. Since
1973, we’ve made it our mission to simplify the complicated by
delivering benefit plan services that solve client challenges
without the need to engage multiple providers. The BPAS family of
services includes Workplace Retirement Plans, Actuarial &
Pension, Health Benefit Consulting, IRA, VEBA HRA, Health &
Welfare Plans, Fiduciary, Collective Investment Funds, Fund
Administration, and Institutional Trust. As a solutions-oriented
national practice, we are committed to “Solving Tomorrow’s Benefit
Challenges Today.” Visit bpas.com for more information.
About Lincoln Financial Group
Lincoln Financial Group provides advice and solutions that help
people take charge of their financial lives with confidence and
optimism. Today, approximately 16 million customers trust our
retirement, insurance and wealth protection expertise to help
address their lifestyle, savings and income goals, and guard
against long-term care expenses. Headquartered in Radnor,
Pennsylvania, Lincoln Financial Group is the marketing name for
Lincoln National Corporation (NYSE:LNC) and its affiliates. The
company had $290 billion in end-of-period account balances net of
reinsurance as of June 30, 2023. Lincoln Financial Group is a
committed corporate citizen included on major sustainability
indices including the Dow Jones Sustainability Index North America
and ranks among Newsweek’s Most Responsible Companies. Dedicated to
diversity, equity and inclusion, we are included on transparency
benchmarking tools such as the Corporate Equality Index, the
Disability Equality Index and the Bloomberg Gender-Equality Index.
Committed to providing our employees with flexible work
arrangements, we were named to FlexJobs’ list of the Top 100
Companies to Watch for Remote Jobs in 2022. With a long and rich
legacy of acting ethically, telling the truth and speaking up for
what is right, Lincoln was recognized as one of Ethisphere’s 2023
World’s Most Ethical Companies®. We create opportunities for early
career talent through our intern development program, which ranks
among WayUp and Yello’s annual list of Top 100 Internship Programs.
Learn more at. Follow us on Facebook, Twitter, LinkedIn, and
Instagram. Sign up for email alerts at http://newsroom.lfg.com.
LCN-6013325-101023
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Media: Tammy Myrick Lincoln Financial Group 743-208-4106
Tamala.Myrick@lfg.com
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