Mellon and Fiserv Health Announce Health Savings Account Alliance
Mellon and Fiserv Health Announce Health Savings Account Alliance
January 11, 2005
Mellon and Fiserv Health Announce Health Savings Account AllianceRIDGEFIELD PARK, N.J. & BROOKFIELD, Wis.--Jan. 11, 2005--Mellon Financial Corp.'s Human Resources & Investor Solutions (HR&IS) business and the Fiserv Health unit of Fiserv, Inc. (Nasdaq:FISV) today announced an alliance to provide health savings account (HSA) products and services through Fiserv Health's subsidiary health plan administrators. These administrators, serving more than 4 million members, include Benefit Planners, Benesight, Inc., Fiserv Health - Kansas, Fiserv Health - Tennessee, Harrington Benefit Services, Inc., and Wausau Benefits.
The integrated HSA product includes financial services such as checking and debit cards to pay for qualified medical expenses, an investment account and IRS-required tax reporting, along with services such as claims administration, customer service, online tools, employee education and enrollment.
"HSAs represent a powerful new approach for addressing spiraling health care costs," said James D. Aramanda, Mellon vice chairman and head of its HR&IS business. "Creating alliances with health plan management leaders such as Fiserv fits our strategy of becoming the premier provider of these services."
"We are pleased to partner on such an innovative product as the HSA with Mellon, a worldwide leader of financial services," said James W. Cox, president of Fiserv Health. "The HSA will be a catalyst in the continued development and success of consumer-driven health initiatives and is just one of many opportunities being explored by Fiserv as we seek to bring our expertise in payments and financial transactions to the health industry."
HSAs, which were authorized by the Medicare Prescription Drug, Improvement and Modernization Act of 2003, are portable health savings accounts that consumers can use to pay for qualified medical expenses. The accounts are offered in conjunction with a high deductible health plan that provides security against catastrophic medical costs. Both employers and employees can contribute to HSAs - currently up to $5,250 for a family and $2,650 for individuals. For employees, the pre-tax contributions will reduce their income taxes while allowing them to set aside additional money for their health expenses. The money in the accounts can also be invested, allowing employees to increase their health care security. Unused HSA balances can be carried forward from year-to-year, rolled over if the individual changes jobs or even used for post-retirement health expenses.
About Fiserv Health, Inc.
Fiserv Health benefit plan managers provide a full array of independent health plan management and claims processing, administration and consultative services for self-funded and fully insured medical, dental, vision, disability and voluntary benefit plans, serving more than 1,000 employer organizations and involving more than 4 million members. Fiserv Health provides administrative and cost-control services for self-funded health plans and workers' compensation pharmacy programs through its operating companies made up of benefit plan administrators, care management companies, pharmacy benefits managers, mail-order pharmacy fulfillment and claim repricing. Other Fiserv Health companies include Avidyn Health, DirectCompRx, Innoviant, ppoOne and Third Party Solutions.
About Fiserv, Inc.
Fiserv, Inc. (Nasdaq: FISV) provides information management systems and services to the financial industry, including transaction processing, outsourcing, business process outsourcing and software and systems solutions. The company serves more than 15,000 clients worldwide, including banks, broker-dealers, credit unions, financial planners/investment advisers, insurance companies and agents, self-insured employers, lenders and savings institutions. Headquartered in Brookfield, Wisconsin, Fiserv reported 2003 processing and services revenue of $2.7 billion. Fiserv can be found on the Internet at www.Fiserv.com.
About Mellon Financial Corporation
Mellon's Human Resources & Investor Solutions is a global human resources outsourcing, consulting and shareholder services business that creates value for clients through a complete range of human capital management and shareholder solutions. HR&IS is a leader in health savings accounts, with alliances reaching more than 30 million health plan members and more than 10 million households. Mellon Financial Corp., a global financial services company, is headquartered in Pittsburgh and is one of the world's leading providers of financial services for institutions, corporations and high net worth individuals, providing institutional asset management, mutual funds, private wealth management, asset servicing, human resources and investor solutions, and treasury services. Mellon has more than $3.7 trillion in assets under management, administration or custody, including $670 billion under management. Its asset management companies include The Dreyfus Corporation and U.K.-based Newton Investment Management Limited. News and other information about Mellon is available at www.mellon.com.
The integrated HSA product includes financial services such as checking and debit cards to pay for qualified medical expenses, an investment account and IRS-required tax reporting, along with services such as claims administration, customer service, online tools, employee education and enrollment.
"HSAs represent a powerful new approach for addressing spiraling health care costs," said James D. Aramanda, Mellon vice chairman and head of its HR&IS business. "Creating alliances with health plan management leaders such as Fiserv fits our strategy of becoming the premier provider of these services."
"We are pleased to partner on such an innovative product as the HSA with Mellon, a worldwide leader of financial services," said James W. Cox, president of Fiserv Health. "The HSA will be a catalyst in the continued development and success of consumer-driven health initiatives and is just one of many opportunities being explored by Fiserv as we seek to bring our expertise in payments and financial transactions to the health industry."
HSAs, which were authorized by the Medicare Prescription Drug, Improvement and Modernization Act of 2003, are portable health savings accounts that consumers can use to pay for qualified medical expenses. The accounts are offered in conjunction with a high deductible health plan that provides security against catastrophic medical costs. Both employers and employees can contribute to HSAs - currently up to $5,250 for a family and $2,650 for individuals. For employees, the pre-tax contributions will reduce their income taxes while allowing them to set aside additional money for their health expenses. The money in the accounts can also be invested, allowing employees to increase their health care security. Unused HSA balances can be carried forward from year-to-year, rolled over if the individual changes jobs or even used for post-retirement health expenses.
About Fiserv Health, Inc.
Fiserv Health benefit plan managers provide a full array of independent health plan management and claims processing, administration and consultative services for self-funded and fully insured medical, dental, vision, disability and voluntary benefit plans, serving more than 1,000 employer organizations and involving more than 4 million members. Fiserv Health provides administrative and cost-control services for self-funded health plans and workers' compensation pharmacy programs through its operating companies made up of benefit plan administrators, care management companies, pharmacy benefits managers, mail-order pharmacy fulfillment and claim repricing. Other Fiserv Health companies include Avidyn Health, DirectCompRx, Innoviant, ppoOne and Third Party Solutions.
About Fiserv, Inc.
Fiserv, Inc. (Nasdaq: FISV) provides information management systems and services to the financial industry, including transaction processing, outsourcing, business process outsourcing and software and systems solutions. The company serves more than 15,000 clients worldwide, including banks, broker-dealers, credit unions, financial planners/investment advisers, insurance companies and agents, self-insured employers, lenders and savings institutions. Headquartered in Brookfield, Wisconsin, Fiserv reported 2003 processing and services revenue of $2.7 billion. Fiserv can be found on the Internet at www.Fiserv.com.
About Mellon Financial Corporation
Mellon's Human Resources & Investor Solutions is a global human resources outsourcing, consulting and shareholder services business that creates value for clients through a complete range of human capital management and shareholder solutions. HR&IS is a leader in health savings accounts, with alliances reaching more than 30 million health plan members and more than 10 million households. Mellon Financial Corp., a global financial services company, is headquartered in Pittsburgh and is one of the world's leading providers of financial services for institutions, corporations and high net worth individuals, providing institutional asset management, mutual funds, private wealth management, asset servicing, human resources and investor solutions, and treasury services. Mellon has more than $3.7 trillion in assets under management, administration or custody, including $670 billion under management. Its asset management companies include The Dreyfus Corporation and U.K.-based Newton Investment Management Limited. News and other information about Mellon is available at www.mellon.com.