According to a CIGNA news release, CIGNA Choice Fund HSA participants can invest the money in their health savings account (HSA) in up to six mutual funds as of January 1, 2006. The funds are from JPMorgan Funds, T. Rowe Price and Royce Funds, according to the announcement.
Through JPMorgan Institutional Investments, according to the news release, eligible CIGNA Choice Fund HSA participants will be able to invest in:
- JPMorgan Prime Money Market Fund – aimed at maintaining liquidity and preserving capital
- JPMorgan Investor Balanced Fund – aimed at preservation of capital by investing primarily in a diversified group of mutual funds.
- JPMorgan Ultra Short Term Bond Fund – seeks a high level of current income consistent with low volatility of principal
- JPMorgan Equity Index Fund – seeks investment results that correspond to the aggregate price and dividend performance of securities in the Standard & Poor’s 500 Composite Stock Price Index
- Royce Premier Fund -a small cap stock fund that seeks long-term growth of capital
- T. Rowe Price International Growth & Income Fund – seeks long-term growth of capital and reasonable income through investments primarily in stocks of mature, dividend-paying, non-US companies.
The available cash balances in a participant’s HSA cash account determine eligibility. Mutual fund investment options will be available to participants with balances greater than $2,000, according to the announcement.
In addition, CIGNA Choice Fund HSA participants can integrate claims payment from their high-deductible plan with their tax-advantaged savings account, according to the news release. With this feature, called automatic claim forwarding, claims are adjudicated through the CIGNA health benefits plan and paid according to the plan coverage. Any remaining member liability – such as deductible or coinsurance – is automatically deducted from his or her savings account.