Corporation's Human Resources & Investor Solutions (HR&IS) business today announced that it has developed a fully integrated Health Savings Account (HSA) solution that will be offered both through alliance relationships with insurance companies and health care plan providers, and to its corporate customers nationwide.
HSAs, established as part of the Medicare Prescription Drug, Improvement and Modernization Act of 2003, allow employers and employees to contribute non-taxable funds (up to $2,600 for an individual and $5,150 for a family in 2004) to pay for qualified medical expenses under high deductible health care coverage. Unused funds can be invested and rolled over from year to year, with the balance used to pay for qualified medical expenses throughout an employee's career or even during retirement.
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