Principal to Pick Up Some HSA, HRA Fees

October 22, 2007 ( - The Principal Financial Group has announced it will pay for certain fees imposed on consumer driven health care plans.

The Principal will pay certain customer fees on health savings accounts (HSAs) and health reimbursement arrangements (HRAs) for a limited time, according to a news release.   

According to the announcement, set-up fees will be paid for health savings accounts. This applies to Principal health savings accounts sold in conjunction with a new qualified high deductible health plan from The Principal with an effective date between November 1, 2007 and January 31, 2008. 

Meanwhile, monthly administration fees on health reimbursement arrangements will also be paid for one policy year for all new insurance sales with the same effective dates, the company said. If the HRA is sold with an extended rate guarantee, the monthly fee waiver can be extended to a maximum of 15 months

“As employers evaluate health care coverage for 2008, more employers than ever before will consider consumer driven health care. We want to make this decision easier by removing some of the expense,” said Jerry Ripperger, director of consumer health for the Principal Financial Group, in the news release. “Employers are experiencing lower health care costs and more importantly, their employees are becoming engaged in making good health and health care choices.”

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