Medical Mutual Launches HSA Products

April 26, 2004 (—Medical Mutual of Ohio, a health insurance company, introduced Health Savings Accounts (HSA) products that will not have any setup or monthly administration fees.

Medical Mutual’s HSAs, managed by MSAver, an HSA administrator, will provide members with unlimited check writing and debit card use, without any per-use fees, as well as dedicated toll-free customer service agents.

Those with the accounts will be able to invest their money in a range of mutual funds and will receive monthly account statements, the press release said.

HSAs allow employers and employees to contribute non-taxable funds (up to $2,600 for an individual and $5,150 for a family in 2004) to pay for qualified medical expenses under high deductible health care coverage.