A news release from both companies said that HSA services would be offered to the more than 350,000 members of health plans administered by NGS American , .a health plan TPA based inSt. Clair Shores , Michigan . The company said that its HSA product includesfinancial services such as checking and debit cards to pay for qualified medical expenses, an investment account and IRS-required tax reporting, along with services such as claims administration, customer service, online tools, employee education and enrollment.
“HSAs represent a powerful new approach for addressing spiraling health care costs,” said James Aramanda, Mellon vice chairman and head of its HR&IS business, in the news release.
Mellon’s list of HSA alliance and administrative agreements currently reaches 130 million potential participants, according to the announcement.
Mellon announced March 16 that it would sell its Human Resources consulting and outsourcing business to Affiliated Computer Services, Inc. (ACS) in a transaction that is expected to close before the end of June 2005 (See HR Outsourcing Consolidation Continues with ACS-Mellon Deal ).