Mellon Teams with WellChoice to Provide HSA Product

December 9, 2004 ( - Mellon Human Resources & Investor Solutions (HR&IS) has entered into agreement with WellChoice, Inc., to provide administrative and investment services to support the latter's high deductible health plans (HDHP).

WellChoice, the parent company of Empire Blue Cross Blue Shield, is offering the plans effective January 1, 2005 to employer groups of 51 employees or more, according to a press release. The HDHP is meant to be combined with a health savings account (HSA), where employees can put aside money tax-free to pay for qualified medical expenses. Mellon will manage the HSA for both the employer and the participant, and will establish the account, provide recordkeeping, and deliver customer support, according to the release.

Mellon HR&IS is a unit of Mellon Financial Corp ( ).