A news release said the product combines administration of both the health coverage and financial components of an HSA program.
The HSA includes financial services such as checking and debit cards to pay for qualified medical expenses out of the HSA, an investment account and IRS-required tax reporting, along with health plan services such as claims administration, customer service, online health tools, employee education and enrollment, the company said.
“HSAs represent a powerful new approach for addressing spiraling health care costs, and both employers and employees as consumers have demonstrated a desire for additional information on this product,” said James Aramanda, Mellon vice chairman and head of its HR&IS business. “Employees are most interested in the many tax advantages, especially since contributions to and earnings on HSA balances are not taxed, and the use of account funds is tax-free for qualified medical expenses.”
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