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What’s Available from Insurance Companies

December 7, 2004
Related Topics: Health and Wellness, Featured Article, Compensation
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Insurers and financial institutions are getting their ducks in a row to offer large and small corporate customers package deals of high-deductible health plans and health savings accounts.

    Here’s a sample of what’s available from some of the country’s top insurers, as well as insurers who specialize in consumer-driven health care plans.

Company Name High-deductible health plan/health savings account product start date Corporate customers

 

Total covered employees

 

Financial partners

 

Options for withdrawing Heals Savings Account funds Notes
Aetna June 2004 45 large companies for total package; 250 small companies (less than 30 employees) for high-deductible health plan only 1,300 for health savings account package; 1,600 for high-deductible health plan only Aetna will act as its own fiduciary for health savings account, will offer fixed interest, savings-type account Checking account Plans to add mutual funds, other investments later in 2005
Anthem Blue Cross/Blue Shield July 2004 Not disclosed 1,000 including some with individual accounts JP Morgan Chase Bank savings-type account with 3.5 percent interest Checking account and debit card Plans to add mutual funds, other investments later in 2005
Assurant

 

Jan. 1, 2004

 

Not disclosed; insures only companies with less than 50 employees

 

97,000

 

MSAver subsidiary of Lumenos offers variety of mutual funds; Assurant savings-type count pays 3 percent interest Currently users pay up front and get reimbursed, but Assurant will add checking account by end of 2004  
Cigna Corp

 

Jan. 1, 2005

 

45 companies, mainly Fortune 1000 Not available

 

Offers fixed interest savings-type account through Chase MasterCard debit card, checking account, automatic payments Will offer health savings accounts to its own employees starting Jan. 1, 2005
Definity Health

 

2001 for health reimbursement arrangements, 2004 for health savings accounts 90 for health reimbursement arrangements and health savings accounts, including 34 Fortune 1000 companies; HSA clients include BASF, Guidant, Textron 500,000, though vast majority are covered under health reimbursement arrangements Wells Fargo, US Bank, Mellon; mutual funds Wells Fargo debit card Began offering health savings accounts to its own employees in October; in late November announced it intends to be acquired by United Healthcare
Health Savings Administrators LLC

 

1997 for medical savings accounts (precursor to health savings accounts); 2004 for health savings accounts Not disclosed; insures companies and individuals Not disclosed Offers savings-type account paying 1 percent on more than $1,000 through Resource Bank; offers 15 funds from Vanguard Savings-type account has checks, debit card; Vanguard account users pay up front and get reimbursed In 2005 expects customers to change from mostly individuals to mostly companies

 

Lumenos

 

1996 for medical savings accounts for individuals, 2004 for health savings accounts Not disclosed 240,000 (includes both health savings accounts as well as health reimbursement accounts) MSAver subsidiary (for fully funded companies) and Mellon (for self-funded companies) Debit card or checking account  
United Healthcare

 

2004

 

Several unnamed Fortune 500 companies

 

Approximately 850,000 corporate employees and other individuals with health savings or reimbursement accounts; estimates numbers will grow to 150,000 corporate employees, 1.3 million individuals with health savings accounts as of 1/1/05 United’s Exante Bank, division offers fixed interest savings-type account with 4 percent interest

 

Debit card, checking account, automatic payments

 

Will add other investment options after Jan. 1, 2005; in late November announced it intends to acquire Definity

 

Source: Companies listed, Workforce Management

Recent Articles by Michelle Rafter

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