Mellon Financial Corporation’s Human Resources & Investor Solutions (HR&IS) business and NGS American, Inc. have partnered to provide Health Savings Account (HSA) products and services to more than 350,000 members of health plans administered by NGS American.
The integrated HSA product includes financial services such as checking and debit cards to pay for qualified medical expenses, an investment account and IRS-required tax reporting, along with services such as claims administration, customer service, online tools, employee education and enrollment.
“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. “Creating alliances with health plan management leaders such as NGS fits our strategy of becoming the premier provider of these services.”
“Mellon’s willingness to meet NGS’ needs for flexibility as well as their outstanding reputation in the financial world led us to choose their integrated HSA product,” said Kim Gunter, president of NGS American. “We wanted a provider that would support some unique web-based payment options for participants and Mellon was able to deliver this.”