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Mellon And FBMC Announce HSA Deal

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A unit of Mellon Financial Corp. announced a partnership deal to offer health savings accounts and services to health care plans.[@@]

Mellon, Pittsburgh, says its Human Resources & Investor Solutions business has teamed up with Fringe Benefits Management Company, Tallahassee, Fla., to offer HSAs to nearly 2 million members of plans it serves, predominantly in the public sector.

Mellon HRIS, Ridgefield Park, N.J., will provide financial services on HSA products, including checking and debit cards to pay for qualified medical expenses, an investment account and tax reporting required by the IRS.

The deal adds to Mellon’s list of HSA alliance and administrative agreements, which currently reaches 130 million potential participants.

FBMC is a benefits administrator that deals with tax-favored accounts.