Mellon Financial Corp.'s human resources and investor solutions business announced an alliance Monday with CaliforniaChoice to provide health savings accounts to Californians through the latter's Web site.
The integrated HSA product includes Mellon financial products like an interest-bearing, FDIC-insured custodial account with checking and debit cards that participants can use to pay qualified medical expenses.
Participants are also to have the chance to open an associated Dreyfus investment account when the HSA account balance reaches a minimum threshold. The Mellon-CaliforniaChoice HSA will also offer claims administration, customer service, online tools, employee education, and enrollment.
CaliforniaChoice is a product of Choice Administrators, a Word & Brown company in Orange, Calif.
HSAs, which were authorized by the Medicare Prescription Drug, Improvement, and Modernization Act of 2003, are portable health savings accounts that people with high-deductible health plans can use tax-free to pay for qualified medical expenses.
