TAMPA, Fla., June 30, 2005 /PRNewswire-FirstCall/ -- CIGNA HealthCare today announced that it is expanding the availability of its consumer-driven CIGNA Choice Fund(SM) Health Savings Account (HSA) plans to businesses with 51-200 employees in Florida. The CIGNA Choice Fund HSA had previously been available only to employers with more than 200 employees. CIGNA is offering the expanded availability now for plans that take effect on or after August 1, 2005.
In addition, CIGNA recently announced that beginning on January 1, 2006, CIGNA Choice Fund HSA participants will also have the option to invest the money in their health savings account in up to six mutual funds from leading firms including JPMorgan Funds, T. Rowe Price and Royce Funds, representing a broad array of investment options. These investment options are in addition to the JP Morgan Chase Bank interest bearing savings account currently available and are offered through J.P. Morgan Institutional Investments Inc., a registered broker/dealer, member NASD/SIPC.
"CIGNA Choice Fund HSA was developed in direct response to the feedback from employers who sought flexibility in customizing their health insurance plans while containing the rising cost of health care," said Andrews Crooks, president and general manager of CIGNA HealthCare of Florida. "We are pleased to expand this product so that smaller employers may also take advantage of the flexibility, integration, savings and investment options, and consumer- focused approaches, available through our HSA as they prepare for benefit plan selections in the coming year."
The CIGNA Choice Fund HSA is an integrated benefits plan that combines a tax-advantaged savings account with a high-deductible health plan and financial management features, such as a debit card and checkbook from JPMorgan Chase.
The CIGNA Choice Fund(SM) HSA includes a broad array of award-winning 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 HealthCare's extensive provider network and medical management programs are also key features of the plan, providing members access to industry-leading clinical resources for managing chronic conditions and accessing preventive care.
Crooks said that consumer driven health plans, such as the CIGNA Choice Fund HSA, can help employers manage costs by encouraging employees to be more engaged in their health care decisions. To introduce these new plans to employees, CIGNA HealthCare offers communication and enrollment assistance to help employees learn about their benefit choices and get the most out of their health plan.
CIGNA HealthCare, headquartered in Bloomfield, Connecticut, provides medical benefits plans, dental coverage, behavioral health coverage, pharmacy benefits, and products and services that integrate and analyze information to support consumerism and health management. "CIGNA" or "CIGNA HealthCare" refers to various operating subsidiaries of CIGNA Corporation . Products and services are provided by these operating subsidiaries and not by CIGNA Corporation.
The CIGNA Choice Fund HSA Savings Account is provided by JPMorgan Chase Bank, N.A. Cash is deposited with and securities are custodied at JPMorgan Chase Bank, N.A. Mutual funds are offered by and HSA Investment Accounts are provided by J.P. Morgan Institutional Investments Inc., member NASD and SIPC, a broker dealer affiliate of JPMorgan Chase Bank, N.A. Mutual funds are not FDIC-insured, not bank guaranteed and may lose value.
CIGNA HealthCareCONTACT: Karen Godlewski, CIGNA, +1-215-761-1470,Karen.godlewski@cigna.com
Web site: http://www.cigna.com/
Company News On-Call: http://www.prnewswire.com/comp/165050.html/