Prudential PLC's National Planning Holdings Inc. said it will manage a newly created health savings account.
The Santa Monica, Calif., company began offering the FlexHSA health savings account Monday through Millennium Trust Co. in Oak Brook, Ill.
Millennium acts as the custodian for the accounts, while Flexible Benefit Service Corp. of Rosemont, Ill., offers sales support and education for National Planning's advisers.
First DuPage Bank in Westmont, Ill., provides debit card and checking services.
Health savings accounts, which are available to individuals enrolled in high-deductible health plans, allow consumers to build savings for future expenses by making tax-deductible contributions that earn tax-free interest. Withdrawals from the account are tax free if they are used to cover qualified medical expenses.
The number of Americans covered by such accounts has risen 43% in the past year, according to a report released last month by America's Health Insurance Plans, a trade group.
National Planning is a subsidiary of Prudential PLC's Jackson National Life Insurance Co. of Lansing, Mich.
