Health Net, Bank of America partner for HSA administration

NEWS IN BRIEF — Posted Oct. 22, 2007

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Health Net has joined with Bank of America to administer its members' health savings accounts. In a deal announced Oct. 3, the Los Angeles-based health plan and Charlotte, N.C.-based bank agreed to partner in offering Web-based health savings account management to Health Net members. About 2.2 million of Health Net's commercial members are eligible for HSAs, said company spokeswoman Margita Thompson.

Other health plans, including WellPoint, UnitedHealth Group and the BlueCross BlueShield Assn., have established their own banks to administer members' HSAs.

Thompson said the insurer wanted to focus on its core business instead of following its peers in entering the financial sector.

"Our approach is to integrate and partner with best-in-class financial service companies who can then bring their expertise to the project," she said. "We'll be able to elevate each other."

Note: This item originally appeared at

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