MILWAUKEE, Dec. 21 /PRNewswire/ -- Fortis Health, a leading provider of
individual and small group health insurance products nationwide, announced
today the continuation of its Medical Savings Account (MSA) program, following
President Clinton's approval of the 2001 budget bill that extends the offering
of MSAs for two more years. MSAs are tax-favored accounts available to
self-employed individuals and employer small groups to pay for medical care
expenses.
"As the country's leading provider of MSAs, Fortis Health recognizes the
importance of continuing this program to individuals and small business
owners," said Ben Cutler, President and CEO of Fortis Health. "We believe
that this is the first step toward a number of reforms that will go a long way
to help solve a number of healthcare issues." Cutler added that Fortis
Health's distribution force of agents is "very excited, as are our clients,
about the continued availability of MSAs."
The original MSA pilot program was authorized by Congress four years ago
and would have ended at the end of this month without the extension. Rep.
Bill Archer (R-Texas) framed the original bill and made it a priority issue
for his final year in Congress. MSAs will formally be named Archer MSAs after
the retiring representative.
Rep. Dick Armey (R-Texas) the Majority Leader of the House, joined Archer
in efforts to include continuation of MSAs in the bill which passed today.
"We are pleased with the progress made by Representative Archer for MSAs,"
added Cutler. "Representative Armey, with whom we have a positive working
relationship, is a strong proponent who remains in Congress to continue the
efforts initiated by Representative Archer."
About MSAs
MSAs are available to self-employed individuals and small businesses as a
savings fund for tax-qualified medical expenses, including those not usually
covered by insurance. Funds in the account that are not used for medical
expenses can accumulate tax-deferred from year to year until retirement. MSAs
provide participants a smart way to reduce taxes, invest money and reduce
out-of-pocket medical expenses. For more information on setting up an MSA,
individuals should contact an independent insurance agent.
About Fortis Health
Fortis Health is the leading developer and provider of individual medical,
small group, and specialty health insurance products. In business since 1892,
the company provides health insurance coverage for over one million people
nationwide. Fortis Health is headquartered in Milwaukee, Wis., and has
operations offices in Minnesota, Idaho, Texas, Florida and Ohio. Fortis
Health is part of Fortis, Inc., a financial services company, that, through
its operating companies and affiliates, provides specialty insurance and
investment products to businesses, associations, financial service
organizations and individuals in the U.S.
Fortis, Inc. is part of the international Fortis group, operating in the
insurance, banking, and investment arenas worldwide, with headquarters in the
Netherlands and Belgium.
Fortis Health can be found on the Internet at http://www.fortishealth.com.
SOURCE Fortis Health
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Related links:
http://www.fortishealth.com
Company News On-Call:
http://www.prnewswire.com/comp/145621.html or fax,
800-758-5804, ext. 145621
CONTACT:
Rob Guilbert of Fortis Health, 414-299-1358,
or rmguilbert@us.fortis.com
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