BOSTON, May 15 /PRNewswire-FirstCall/ -- The Massachusetts Business
Association (MBA) and Sovereign Bank today announced an alliance that makes
Sovereign's Health Savings Accounts available to MBA members.
"MBA's mission has always been to help small businesses lower insurance
costs," said Shannon Linde, Managing Director of MBA. "By partnering with
Sovereign, we can now offer both halves of the equation: health plans with
lower premiums, and a great way to save for current and future healthcare
expenses."
In addition to more traditional health insurance options, MBA offers
small businesses a range of lower cost, High Deductible Health Plans
(HDHPs) from leading insurance carriers. Individually-owned Health Savings
Accounts (HSAs) can be paired with HDHPs to provide the insured with a
tax-advantaged way save for the deductible amount and to build savings for
future health care expenses.
Sovereign Bank's Health Savings Accounts can be paired with any
carrier's qualified HDHP. Both the employee and the employer can fund the
individual's HSA with pre-tax dollars up to an annual limit set by the
federal government. (Contribution limits for 2007 are $2,850 for individual
plan coverage and $5,650 for family coverage.) Unlike some other health
saving vehicles, unused funds in HSAs roll over from year to year and can
grow to become a health savings nest egg for use later in life.
Sovereign's HSAs offer competitive, tiered interest rates, 24/7 account
access online and by phone, and a special HSA Visa(R) debit card. Marshall
Soura, Managing Director of Sovereign's Global Solutions Group said, "MBA's
history of serving small businesses is exactly what we were looking for in
a partner. With MBA, thousands of small businesses in the state will have
access to our HSAs and benefit from MBA member pricing."
For more information on Sovereign's HSA and health plan options
available to MBA members, visit http://www.mbamembership.com or call
800-696-8167.
About Massachusetts Business Association
Massachusetts Business Association is the state's leading provider of
employee benefits to small businesses. Founded in 1969 specifically to
bring cost-effective health insurance to the neglected small business
market, MBA has grown to become a full service employee benefits firm and
the voice of small business in Massachusetts. Today, MBA serves more than
47,000 companies and their more than 150,000 employees, utilizing
proprietary technology to deliver a high level of service to members,
brokers and insurance carriers.
About Sovereign
Sovereign Bancorp, Inc., ("Sovereign") (NYSE: SOV), is the parent
company of Sovereign Bank, a financial institution with $82 billion in
assets as of March 31, 2007 with principal markets in the Northeast United
States. Sovereign Bank has nearly 785 community banking offices, over 2,300
ATMs and approximately 11,350 team members. Sovereign offers a broad array
of financial services and products including retail banking, business and
corporate banking, cash management, capital markets, wealth management and
insurance. Sovereign is the 18th largest banking institution in the United
States. For more information on Sovereign Bank, visit
http://www.sovereignbank.com or call 1-877-SOV-BANK.
SOURCE Sovereign Bancorp, Inc.,
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Related links:
http://www.sovereignbank.com
http://www.mbamembership.com
CONTACT:
Ellen Molle of Sovereign Bank,
+1-617-757-5573, or cell, +1-617-548-9932,
emolle@sovereignbank.com
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