Broader HSA Banking Options

Priority Health provides broader HSA banking options

(GRAND RAPIDS, Mich. – February 17, 2006)  Priority Health has expanded its banking options for employers that offer Health Savings Accounts (HSAs).  In addition to offering Mellon Trust of New England, N.A., Priority Health now offers employers local banking options including Fifth Third, Founders, Macatawa, Mercantile, National City, and Northwestern banks and Lake Michigan Credit Union. 

With a greater number of participating banks, employers and employees are able to customize their HSAs by selecting a banking partner that best fits their individual needs.  Participants can choose the bank that is most appropriate for their location, size, and existing financial practices. 

"We continue to look for more options to make health care affordable, convenient and easy to manage for employers and their employees," said Amy Chambers, legal counsel for Priority Health.  "We are easing the transition to HSAs for employers and their employees by providing banking options they feel comfortable working with."

Employers continue to utilize HSAs to offer health benefits to employees who otherwise may have no benefits.  A study by America's Health Insurance Plans, an industry organization for health insurers, found 27 percent of small businesses that bought HSA policies previously had offered no health insurance. The same study found 37 percent of individual HSA purchasers were previously uninsured.

Priority Health's HSA plan offers employers an affordable option to provide benefits while enabling employees to save and plan for future health costs.  A list of Priority Health's new HSA banking partners and their related features is available at www.priorityhealth.com.
         
About Priority Health:
Priority Health is a nationally recognized health plan company based in Michigan. It serves more than 450,000 members with a broad portfolio of products including HMOs, PPOs, HSAs and Medicare. Priority Health is a non-profit company governed by a volunteer board of directors. Dedicated to improving health and lowering health care costs, the company is rated number one by the National Business Coalition on Health and is consistently ranked among the nation's best health plans by the National Committee for Quality Assurance.