Mellon and MBI to Provide Health Savings Account as Part of Consumer-Driven Product Suite
07 December 2004 - 1:30AM
PR Newswire (US)
Mellon and MBI to Provide Health Savings Account as Part of
Consumer-Driven Product Suite Provides Health Plans and Third Party
Administrators With a One-stop Source for all Spending Account
Products, With the Consumer Convenience of Benefits Debit Cards
RIDGEFIELD PARK, N.J. and WALTHAM, Mass., Dec. 6
/PRNewswire-FirstCall/ -- Mellon Financial Corporation and MBI
today announced they have signed a letter of intent to offer health
plans and third party administrators a Mellon health savings
account (HSA) combined with the recognized convenience of the MBI
Benefits Card(TM). The alliance joins together the expertise of
Mellon's Human Resources & Investor Solutions (HR&IS)
business and the market leadership of MBI, an employee benefits
software company that offers the first and most widely used
benefits debit card. It will provide a one-stop source for health
plans and administrators seeking to provide a full consumer-driven
healthcare product suite. Mellon and MBI will offer health plans
and third party administrators (TPA) a single source to establish
HSAs as well as to process, track and transfer payments for these
accounts. In addition, health plans, TPAs and employers can offer
employees easy access to their HSA funds with the MBI Benefits
Card. The same card can also be linked to additional benefit
accounts or "purses" including health reimbursement arrangements
(HRA), flexible spending accounts (FSA), transit/parking and
dependent care accounts. "HSAs represent a powerful new approach
for addressing spiraling health care costs," said James D.
Aramanda, Mellon vice chairman and head of its HR&IS business.
"Together, Mellon and MBI will conveniently provide health plans
and third-party administrators with a full-service HSA product."
"There is significant momentum behind the consumer-driven
healthcare movement. But it's essential that everyone, from
employees and employers to TPAs and health insurers, have a simple
and easy way to manage HSA funds. Mellon and MBI are working
together to provide a one-stop source to handle HSA payment
transactions and fiduciary responsibilities, with the added
convenience of a benefits debit card," said Robert L. Natt,
president and CEO of MBI. "MBI has been an important partner in our
growth as an award-winning healthcare services provider," said
Joseph Wild, senior vice president of sales and product development
at Independent Health, a full-service health-solutions company
providing health benefits and services to more than 385,000 members
in Western New York and throughout the U.S. "As Independent Health
looks to expand its offerings into health savings accounts, MBI and
Mellon's relationship represents an extremely attractive coupling
of two recognized domain leaders in the burgeoning self-funded and
consumer-directed healthcare market." About the MBI Benefits Card
MBI's powerful, healthcare payment platform supports benefits debit
cards that allow employees to access tax-free benefit accounts with
a single nationally accepted debit card. The MBI Benefits Card
helps employers and employees enjoy maximum tax benefits while also
eliminating the tedious and time consuming paper-based cash
reimbursement process. MBI's solutions can handle multiple employee
accounts/purses, multiple spending tiers and pre- and post-tax
contributions. Health plans and TPAs look to MBI as a single source
for their branded consumer-directed cash account management. About
Mellon Financial Corporation Human Resources & Investor
Solutions is the worldwide human resources and shareholder services
business of Mellon Financial Corporation, a global financial
services company. Headquartered in Pittsburgh, Mellon is one of the
world's leading providers of financial services for institutions,
corporations and high net worth individuals, providing
institutional asset management, mutual funds, private wealth
management, asset servicing, human resources and investor
solutions, and treasury services. Mellon has more than $3.7
trillion in assets under management, administration or custody,
including $670 billion under management. Its asset management
companies include The Dreyfus Corporation and U.K.-based Newton
Investment Management Limited. News and other information about
Mellon is available at http://www.mellon.com/ . About MBI MBI
offers a consumer-directed benefits payment platform plus the
country's #1 employee benefits card - electronically accessing
Flexible Spending Accounts, Health Reimbursement Arrangements,
Health Savings Accounts, Transit/Parking Accounts and Dependent
Care Accounts all on one card. MBI's Benefit Card allows employees
to pay for eligible expenses at physician and dental offices,
pharmacies and vision service facilities. In July 2003, MBI was
selected by America's Health Insurance Plans as a Solutions(TM)
partner and extends preferred terms to America's Health Insurance
Plans' nearly 1,300 health insurance plan members. More than 13,000
employers, including many Fortune 500 companies, have made MBI the
benefits card of choice for their employees. Experience The Benefit
at http://www.mbibenefits.com/ . DATASOURCE: Mellon Financial
Corporation CONTACT: Ed Gadowski of Mellon Financial,
+1-201-373-7336, ; Dana Conti of MBI, +1-781-684-0770, Web site:
http://www.mellon.com/ http://www.mbibenefits.com/
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