Mellon Financial Corp.'s human resources and investor solutions business and Medical Group Insurance Services Inc. in Salt Lake City announced an alliance Thursday to provide health savings accounts through the Utah company.
The integrated HSA product includes financial services from Pittsburgh-based Mellon such as checking accounts and debit cards to pay for qualified medical expenses, an investment account and IRS-required tax reporting, as well as Medical Group services such as claims administration, customer service, online tools, employee education, and enrollment.
HSAs are portable accounts that people 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.
Medical Group is a provider of life and long-term-disability coverage to group physician practices.
On March 16, in a deal that did not involve the division Medical Group allied itself with, Mellon announced an agreement to sell its human resources consulting and outsourcing business to Affiliated Computer Services Inc. The transaction is expected to close this quarter.
