Lincoln Financial Group announced 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.

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. The HSA allows employees to setide 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.

HSA 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 and BPAS (Benefit Plan Administration 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.