Kaiser Permanente in Oakland, Calif., said Monday that it had hired Wells Fargo Bank to supply deductible/co-insurance plans, including health savings account-qualified, high-deductible health plans.
Beginning in January, Wells is to act as custodian of the CarePay HSA and give Kaiser Permanente members personalized service, access to money market and mutual funds, competitive pricing, and debit card access to HSA balances.
HSA funds are portable, owned and managed by the individual, and can be rolled over, year-to-year, for future use. In addition, account holders contribute pretax money and do not pay taxes on withdrawals for qualified health-related expenses, interest earned, or other investment gains.
Kaiser Permanente Colorado, Georgia, and Northwest are to be the initial regions where the Deductible Health Plan with HSA Option is offered in the individual and employer group markets. The health plan is HSA-qualified and gives people the chance to manage their health-care spending, control their health insurance premiums, and save for future health-related expenses on a pretax basis.
