Fidelity Investments and Extend Health, a Towers Watson company, have struck a deal to enhance Fidelity's retirement guidance capabilities to include retiree health care.
Under the agreement, Fidelity and Extend Health will provide retiring participants, who are coming off company-sponsored health plan coverage, access to resources and support to get quality coverage at a price they can afford. The companies also will assist plan sponsors transitioning from employer-sponsored retiree medical insurance as they communicate changes and help retirees select a private insurance option that best suits retirees' unique needs.
Fidelity will begin offering the service to its plan sponsor clients in the third quarter of 2013.
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"With health care being one of the most underestimated costs in retirement and Medicare not covering all medical expenses, an increasing number of employers are asking for help in transitioning their employees into retirement," said Christi Rager Wise, senior vice president of Fidelity Investments. "Our agreement with extend Health will expand the financial guidance Fidelity provides employees transitioning into retirement while also helping them tackle one of the biggest risks to financial security in retirement, the cost of health care."
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