A financial services unit of UnitedHealth Group Inc. is getting into the business of administering medical trusts for voluntary employees’ beneficiary associations.
Exante Financial Service Inc., Salt Lake City, recently acquired Administration Resources Corp., Anoka, Minn., a company that handles VEBA-related recordkeeping, administration, claims reimbursement and compliance services for 1,100 employers in 38 states.
The Administration Resources deal will help Exante provide both health and banking VEBA services, Exante says.
Exante is best known for a bank affiliate that sells health savings account services.
The VEBA market should grow as local and state government agencies begin to comply with new rules for accounting for retiree health benefits, Exante says.