Mellon Financial Corp.'s human resources and investor solutions unit in Ridgefield Park, N.J., announced Thursday that it has developed a health savings account that will be offered through alliances with insurers and health-care plan providers and to its corporate customers nationwide.
Health savings accounts, established as part of the Medicare Prescription Drug Improvement and Modernization Act of 2003, let employers and employees contribute pretax funds (up to $2,600 for an individual and $5,150 for a family this year) to pay for qualified medical expenses under high-deductible health-care coverage.
Included in Mellon's health savings account product is an interest-bearing checking account coupled with an investment account. Both personalized checks and a MasterCard debit card are parts of the product, to facilitate payment of qualified medical expenses.
