MILWAUKEE, March 29 /PRNewswire/ -- Fortis Health, a leading provider of
individual and small group health insurance products nationwide, announces the
continuation of its Medical Savings Account (MSA) program, following passage
of the economic stimulus legislation that extends the offering of MSAs through
2003.
"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. "While we
continue to push our initiative to fully expand MSAs and make them permanent,
this provides us a small but important extension as MSAs were set to expire on
December 31." Cutler added that President Bush supports personal health
accounts, or MSAs, as part of his healthcare agenda.
MSAs or personal health accounts, are tax-favored accounts available to
self-employed individuals and employer small groups to pay for medical care
expenses.
The original MSA pilot program was authorized by Congress in 1996 and
would have expired at the end of 2002 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.
President Bush calls for MSA expansion in his 2003 budget. House leaders
also support expansion along with many Senate leaders. MSAs are supported by
those in favor of patients having more control over their healthcare dollars.
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 Fortis Health, 414-299-8616, or an independent
insurance agent.
About Fortis Health
Fortis Health is committed to helping Americans meet their health
insurance needs. In business since 1892, the company is a leader in the
Individual Medical, Small Group, Short-Term and Student Health insurance
markets. Fortis Health provides coverage for more than one million people
nationwide. Its products are underwritten and issued by Fortis Insurance
Company, John Alden Life Insurance Company and Fortis Benefits Insurance
Company. Fortis Health is headquartered in Milwaukee, Wis., and has
operations offices in Minnesota, Florida, Idaho and Ohio.
Fortis Health is part of Fortis, Inc., a financial services company that,
through its operating companies and affiliates, has built leadership positions
in a number of specialty insurance market segments. Fortis, Inc. is part of
Fortis, a financial services provider active in the fields of insurance,
banking and investment. As of second quarter, 2001, Fortis had total assets
in excess of $400 billion. Fortis ranks 31st based on assets and 73rd based
on revenues on the Fortune 'Global 500' and 42nd based on revenues on the
Forbes 'International 500' list (July 23, 2001).
Members of the media interested in more information or an interview may
contact Michelle Love-Johnson at 262-523-3740 or michelle@seroka.com . For
more information about other Fortis Health Insurance plans visit
http://www.fortishealth.com
SOURCE Fortis Health
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Related links:
http://www.fortishealth.com
CONTACT:
Michelle Love-Johnson for Fortis Health,
+1-262-523-3740, michelle@seroka.com
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