Mellon Puts Out HSA Product

April 22, 2004 ( - Mellon Financial Corporation's Human Resources & Investor Solutions (HR&IS) has unveiled a new Health Savings Account (HSA) product.

A Mellon announcement said included in the product is an interest-bearing checking account, coupled with an investment account.   Both personalized checks and a MasterCard debit card are provided to facilitate payment for qualified medical expenses.   The HSA plan also integrates payment processing directly with health care programs..

The company said its HSA will be offered both through alliance relationships with insurance companies and health care plan providers as well as to general corporate customers.

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.