Humana to Offer HDHP to Individuals

November 22, 2004 ( - Humana Inc. has announced the release of an individual health savings account (HSA) product.

The HumanaOne HSA is coupled with a high-deductible health insurance plan (HDHP) to allow participants to set money aside in order to use it to pay for qualified medical expenses tax free. It is being offered to individuals first, but the company expects to offer it to employer groups in 2005.

Humana ( ) believes that its one-step, one-application process will ease enrollment issues, according to a news release. The HDHP is provided by Humana, while the HSA is administered by JPMorgan Chase Bank; however, only one application is needed to gain access to both parts of the plan. JPMorgan will offer transaction services and a HumanaAccess VISA debit card, which will allow easy access to funds.

Humana is also offering customers the right to enroll in HSA programs with other banks and institutions while still using the Humana HDHP, the announcement said.

HSAs can be used starting January 1, 2005, and are a result of the Medicare bill signed by President Bush in late 2003.