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Venture Offers HSA Administration To Banks

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An administrator of consumer-directed health care plans has teamed with PNC Financial Services Group Inc. to manage HSA plans for financial institutions.

ConnectYourCare, Baltimore, a CDHP company, announced it has agreed with PFPC Inc., a member of PNC Financial, Pittsburgh, to offer HSAs to customers of banks and investment companies.

Under the agreement, ConnectYourCare-PFPC will allow financial institution clients to provide full CDHP account administration, health care decision-support tools, integrated access to a variety of investments and a selection of mutual funds.

The new entity would also make it possible for banks and investment companies to expand their marketing of HSAs from employer groups to local health plans and third-party administrators, according to ConnectYourCare.

The program will be available in April.