NU Online News Service, Nov. 11, 2004, 5:03 p.m. EST
A Western insurer and an eastern bank are working together to get into the group health savings account market.[@@]
Great-West Healthcare, Greenwood Village, Colo., has joined with the Ridgefield Park, N.J.-based human resources arm of Mellon Financial Corp. to set up a new HSA program.
The program combines HSA-compatible health coverage with access to account management services.
Employees can draw on HSA funds with a checkbook or a debit card, and employees with enough HSA assets can invest the assets in mutual funds managed by The Dreyfus Corp., a Mellon affiliate.
Great-West and Mellon are setting up a special customer service unit to handle HSA customer service.
Great-West is a unit of Power Corporation of America, Montreal.