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WellPoint Unit To Market J.P. Morgan HSA Services

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NU Online News Service, July 16, 2004, 6:39 p.m. EDT

Blue Cross of California, Thousand Oaks, Calif., will be marketing health savings account services from J.P. Morgan Chase & Company Inc., New York, to individuals and employers in California.[@@]

California Blue, a unit of WellPoint Health Networks Inc., already is developing HSA-compatible high-deductible health insurance, but it is not yet setting up any HSA trust or custodial services of its own.

J.P. Morgan announced another HSA alliance Thursday. The partner in that alliance will be the managed care unit of CIGNA Corp., Philadelphia. J.P. Morgan will provide account custody services and investment services for CIGNA’s new Choice Fund Health Savings Account program starting in 2005.