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Great-West And Mellon Form HSA Venture

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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.