BLOOMFIELD, Conn., July 15, 2004 /PRNewswire-FirstCall/ -- CIGNA HealthCare and JPMorgan today announced an agreement to market an integrated health savings account (HSA), combining its health care and financial management features into one easy-to-use health care product. The agreement brings new financial transaction capabilities to the CIGNA Choice Fund(SM) Health Savings Account, which is available now for employer plans taking effect on January 1, 2005.
“This agreement allows us to blend CIGNA’s strengths in benefit plan design, network and medical management, and consumer decision support with JPMorgan’s financial management expertise,” said Tom Croswell, CIGNA HealthCare’s senior vice president for Consumerism and Integration. “CIGNA Choice Fund HSA delivers the features most important to consumers and complements our strong Consumer Driven product portfolio. Our new product options help employers manage costs, and allow their employees to make more informed decisions and save for medical expenses on a pre-tax basis. With CIGNA Choice Fund HSA, consumers will benefit from easy, integrated access to the features of a health savings account that they find most appealing.”
“Healthcare Savings Accounts will become an important part of the evolving health care market,” said Paul Simpson, senior vice president and Emerging Payment Channels and Global Trade Business Executive for JPMorgan Treasury Services. “We are pleased to bring JPMorgan’s financial transaction processing and investment management expertise together with CIGNA HealthCare’s consumer-driven product capabilities to provide an industry- leading health savings account to the marketplace.”
Features of the CIGNA Choice Fund HSA in 2005 include: -- A tax-advantaged interest-earning or investment account -- A debit card and checkbook that allow members to pay for medical expenses directly from their account -- Automatic claim roll-over that allows account holders to choose to have their account automatically debited instead of manually submitting forms -- An integrated approach that provides one customer service and Web experience for members to manage their HSA.
In addition to the financial and investment offerings of JPMorgan, the CIGNA Choice Fund HSA includes an extensive provider network and medical management programs that promote preventive care, help members manage chronic conditions, and help coordinate care for members with immediate health problems.
The CIGNA Choice Fund HSA also includes a broad array of consumer decision support tools that encourage consumers to make informed decisions about their health care, help them track account balances online and help them plan for future health care needs.
CIGNA’s Croswell said that in a recent CIGNA survey, consumers were asked how appealing they would find a variety of possible features of a health savings account. More than 8 in 10 consumers said they find the opportunity to earn tax-free interest or investment income and rollover money from year to year to be attractive options. In addition:
-- Eight in 10 said it would be appealing if they could take the account with them when they change jobs; -- Sixty-five percent said they would find the opportunity to invest the money in the account appealing; -- Nearly 8 in 10 (79 percent) said it would be appealing if they could use the account to help pay for health care after they retire; -- More than half said they would find it appealing if the account included a debit card (57 percent) or checks (52 percent) that they could carry with them to pay for their share of health care expenses.
In addition, two-thirds (66 percent) of those polled found the ability to track balances and account history online appealing, with about three-quarters (74 percent) reporting it would be appealing if the account were easy to use along with their health insurance plan.
“We are offering consumers the simplicity they’re looking for by bringing together the different components of health savings accounts and integrating them into one plan,” said Croswell. “Our online, integrated technology ensures that employees can get the information they need to manage their health care dollars at the touch of a fingertip.”
The CIGNA survey was conducted by KRC Research and fielded between June 18-22, 2004. It includes responses from a random sample of 802 people enrolled in employer-based health plans around the country, and has a margin of error of 3.5 percentage points.
CIGNA HealthCare, headquartered in Bloomfield, Connecticut, provides medical benefits through managed care and indemnity health care plans, dental coverage, behavioral health coverage, and pharmacy benefits. “CIGNA HealthCare” refers to various operating subsidiaries of CIGNA Corporation . Products and services are provided by these operating subsidiaries and not by CIGNA Corporation.
JPMorgan Treasury Services is a unit of JPMorgan Chase Bank, a subsidiary of J.P. Morgan Chase & Co. J.P. Morgan Chase & Co. is a leading global financial services firm with assets of $1.1 trillion and operations in more than 50 countries. The firm is a leader in investment banking, financial services for consumers and businesses, financial transaction processing, asset and wealth management, and private equity. A component of the Dow Jones Industrial Average, J.P. Morgan Chase & Co. has its corporate headquarters in New York and its U.S. retail financial services and commercial banking headquarters in Chicago. Under the JPMorgan, Chase and Bank One brands, the firm serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients. Information about the firm is available on the Internet at http://www.jpmorganchase.com/.
CIGNA HealthCare
Contact: Patricia Caballero of CIGNA HealthCare, +1-201-533-5028,Patricia.caballero@cigna.com; or John Johmann, JPMorgan, +1-212-552-9377,john.johmann@jpmorgan.com
Web site: http://www.jpmorganchase.com/
Web site: http://www.cigna.com/
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