Humana members to access funds with special HumanaAccess Visa(R) debit card
LOUISVILLE, Ky., July 28 /PRNewswire/ -- Humana Inc. (NYSE: HUM) is
expanding its Smart family of consumer-focused products to include a health
savings account (HSA) option for all commercial groups. Last November, Humana
began making HSAs available to its individual HumanaOne members as well as to
select commercial customers.
Beginning this month, HSA members will be able to access their funds by
using a special HumanaAccess(SM) HSA Visa(R) debit card when paying for
qualified medical services at their physician's office or pharmacy.
"Humana continues to offer innovative health benefits and our HSA plan,
coupled with our HumanaAccess HSA card, is a testament to our ongoing emphasis
on putting the consumer first," said Beth Bierbower, vice president of product
innovation for Humana. "We developed our HSA product to ensure that it would
meet the needs of employers as well as the diverse, individual needs of
employees."
An HSA is a tax-free savings account coupled with a high deductible health
plan (HDHP) used to pay for health care expenses. The member and the employer
can contribute to the interest-bearing account and any unused funds roll over
to the next year. Since an HSA is portable, employees can take it with them
when they leave a company.
To remain compliant with Internal Revenue Service regulations that govern
HSA accounts, Humana members electing an HSA will have an HSA calculator
available to them through Humana's Open Enrollment Center to plan expenses and
to guide them in preventing excess contributions.
Humana is offering several HDHP options with HSAs. Members with single
coverage can choose deductibles ranging from $1,500 up to $5,000. Deductibles
for those selecting family coverage range from $3,000 to $10,000. Typically,
the lower the deductible, the higher the premium. Coinsurance percentages
associated with these plans are 100 percent in-network coverage and 70 percent
out-of-network coverage, as well as 90/60 and 80/50 respectively. Plans are
available to employers with 2 or more employees.
Several groups of mutual funds will be available for the investment
portion of HSA accounts. Humana will provide HSA members with electronic and
telephonic access to check HSA account balances, request reimbursements and
other related services. These services will be available in high- or low-tech
formats depending on the customer's Internet and technical capabilities.
Humana's HSA plans will be administered by UMB Bank based in Kansas City, Mo.
"Humana's HSA product is an option for small and large businesses so they
can continue offering affordable health benefits that will make accessing
health care services convenient for their employees," Bierbower said.
The HSA option was offered to Humana employees during open enrollment for
their 2005-2006 health benefits. Nearly 50 percent of Humana's more than
13,000 employees chose a high deductible health plan with an HSA.
About Humana
Humana Inc., headquartered in Louisville, Ky., is one of the nation's
largest publicly traded health benefits companies, with approximately 7
million medical members. Humana offers a diversified portfolio of health
insurance products and related services - through traditional and consumer-
choice plans - to employer groups, government-sponsored plans, and
individuals.
Over its 44-year history, Humana has consistently seized opportunities to
meet changing customer needs. Today, the company is a leader in consumer
engagement, providing guidance that leads to lower costs and a better health
plan experience throughout its diversified customer portfolio.
More information regarding Humana is available to investors via the
Investor Relations page of the company's web site at http://www.humana.com,
including copies of:
- Annual report to stockholders;
- Securities and Exchange Commission filings;
- Most recent investor conference presentation;
- Quarterly earnings news releases;
- Replays of most recent earnings release conference call;
- Calendar of events (includes upcoming earnings conference call dates,
times, and access number, as well as planned interaction with
institutional investors);
- Corporate Governance Information.
SOURCE Humana Inc.
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CONTACT:
Mary Sellers, Humana Corporate
Communications, +1-502-580-3689, or Msellers1@humana.com
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