Mellon and Evolution Benefits Team Up to Provide HSA Solution

December 14, 2004 ( - Evolution Benefits Inc. (EB) and Mellon Financial's Human Resources & Investor Solutions (HR&IS) have announced that they have signed a letter of intent to provide a health savings account (HSA) with EBs Benny debit card.

The team will provide health care providers and third party administrators with an HSA solution that can be integrated with other employee benefit accounts such as flexible spending accounts (FSA) and healthcare reimbursement arrangements (HRA), according to a press release.

Under the agreement, Mellon will provide custodial, recordkeeping, investment and reporting services, while EB will provide debit card services and the technology link to the administrator. The debit card can either be a MasterCard or Visa, and can be used for qualified medical expenses.

Mellon HR&IS is a unit of Mellon Financial ( ), while EB Inc. ( ) provides employee benefits solutions.