OAKLAND, Calif., Nov. 15 /PRNewswire/ -- Kaiser Permanente is expanding its health plan offerings to include a broad range of new deductible/co- insurance plans, including HSA-qualified high deductible health plans, and has selected Wells Fargo Bank as its preferred provider of the new CarePay HSAs. Beginning in January 2005, these new offerings will provide employers and consumers with increased access to Kaiser Permanente's high quality care through broader choice of coverage and premium levels with new options to save and pay for health care needs.
Kaiser Permanente Colorado, Georgia and Northwest will be the initial regions to offer the Kaiser Permanente Deductible Health Plan with HSA Option in the individual and employer group markets. Several qualifying plan designs will be available. The deductible health plan is HSA qualified, in accordance with the Medicare Modernization Act of 2003, and allows consumers the opportunity to manage their health care spending, control their health insurance premiums, and save for future health-related expenses on a pre-tax basis. "The Kaiser Permanente Deductible Health Plan with HSA Option is the latest addition to Kaiser Permanente's expanding portfolio of products that deliver on our promise of quality, affordability and choice," said Arthur Southam, M.D., Senior Vice President, Product and Market Management.
Kaiser Permanente has selected Wells Fargo, one of the nation's most recognized financial institutions, to offer the CarePay HSA. Wells Fargo will act as custodian of the CarePay HSA and will provide Kaiser Permanente members with 24/7 personalized service, access to a number of money market and mutual funds, competitive pricing, and convenient debit card access to their HSA funds. HSA funds are portable, owned and managed by the individual, and can be rolled over for future use. In addition, consumers' contributions are pre-tax and they do not pay taxes on withdrawals for qualified health-related expenses, interest earned, or investment gains from HSA funds. Kaiser Permanente members may also choose other HSAs options available in their region.
Kaiser Permanente is America's leading integrated health care organization. Founded in 1945, it is a not-for-profit, group practice prepayment program with headquarters in Oakland, California. Kaiser Permanente serves the health care needs of 8.3 million members in nine states and the District of Columbia. Today, it encompasses Kaiser Foundation Health Plan, Inc.; Kaiser Foundation Hospitals; and the Permanente Medical Groups. Nationwide, Kaiser Permanente includes approximately 134,000 technical, administrative, and clerical employees and about 11,000 physicians representing all specialties.
For more information about Wells Fargo, please contact Liza Etienne at 612-316-2797.