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Savings

Help your employees retire with confidence

A Retirement Healthcare Plan (RHP) can help your employees take the worry out of paying for healthcare costs in retirement.

Incorporating retirement healthcare into your total benefits spend can provide better outcomes

Frequently asked questions

The RHP is a defined contribution retiree healthcare savings plan that complements your retirement plan to provide tax-free savings for your employees' healthcare expenses in retirement.

An RHP offers completely tax-free savings for healthcare expenses in retirement; employer contributions, investment earnings and distributions are tax-free for your retirees.

Retirees can access the RHP tax-free to pay for health plan premiums, Medicare Parts A, B, C, D, Medigap premiums, COBRA, prescription drugs, dental, vision, hearing aids as well as  all copays, deductibles and other eligible out-of-pocket medical expenses.

TIAA Health Solutions will provide subject matter expertise, guidance and direction to assist your organization in the design of your RHP to meet your needs. We'll provide sample documents to help you establish the RHP and the underlying trust that will hold the assets, including:

  • Draft Plan Document
  • Draft Summary Plan Description
  • Draft Trust Agreement

And our client service teams will work together to help deliver a seamless experience for you and your employees.

1. Are your benefits competitive enough to meet your workforce management objectives?

An RHP enhances your overall retirement benefits package and can aid in the recruitment, retention and timely retirement of your employees.

2. Why there's reason to be concerned about employees' ability to pay for healthcare expenses in retirement?

Healthcare in retirement is expensive. On average, a couple needs $351,000 to cover out-of-pocket healthcare costs during retirement.2

3. Do you have employees that are entitled to legacy retiree healthcare benefits?

An RHP plan can be designed to replace legacy retiree healthcare benefits and help stabilize benefit costs.

Contact us

Plan sponsors

Call your TIAA relationship manager or call the administrator telephone center.

Weekdays, 8 a.m. − 8 p.m. (ET)

Consultants

We're here to help you serve your clients and expand your business.

1 Any guarantees under annuities issued by TIAA are subject to TIAA’s claims-paying ability.

2 Employee Benefit Research Institute Issue Brief No. 599, January 18, 2024, “Projected Savings Medicare Beneficiaries Need for Health Expenses Increased Again in 2023”.

This material is for informational or educational purposes only and is not fiduciary investment advice, or a securities, investment strategy, or insurance product recommendation. This material does not consider an individual’s own objectives or circumstances which should be the basis of any investment decision. 

Interests in any retiree healthcare plan discussed herein are offered solely by the employer.

Teachers Insurance and Annuity Association of America (TIAA) will provide services to the plan and may issue plan communications on behalf of the plan sponsor, in its capacity as a plan record-keeper.

TIAA Trust, N.A. provides investment management, custody and trust services.

3851758-1025