Principal Financial Group said it had made more mutual fund options available to employers and employees participating in its combination high-deductible health plan and health savings account program.
Starting Jan. 1, more than 35 mutual fund options are to be offered by Princor Financial Services Corp., a unit of the Des Moines insurer, through the HSA, the company said on Monday.
Principal Bank, the insurer's thrift unit, said it plans to offer certificates of deposit for the health savings account product early next year. This will allow members to invest funds for a set period at a higher rate of interest than is paid by the traditional HSA's checking account, the company said, yet retain coverage by the Federal Deposit Insurance Corp.
Health savings accounts are tax-advantaged trust or custodial accounts created for people covered by a qualified high-deductible health plan. Contributions to the account can be made by the employee, his or her employer, or family members.
Principal Financial Group had $156 billion of assets under management at Sept. 30; it has 14.7 million customers using offices in Asia, Australia, Europe, Latin America, and the United States.
