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SunTrust Introduces Health Savings Accounts for Employers Seeking to Take Control of Healthcare Costs
Date:12/16/2008

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-- Participant Health Education and Empowerment Tools: The web portal provides a suite of online health-related tools such as hospital and drug comparisons, wellness and exercise guides, and medical research.

-- Healthcare Payment Card: The healthcare payment card provides a consumer-friendly process for expense reimbursement.

-- Banking and Investment Platform: Account holders will have access to HSA investments through a single sign-on portal, where they can view and select investment choices that include an FDIC insured deposit account and several mutual funds.

Enacted in 2003, as part of the Medicare Prescription Drug Improvement and Modernization Act, HSAs have gained significant traction among various healthcare purchasing groups over the past few years. The flexibility in design allows individuals who have an eligible high deductible healthcare plan to contribute to a tax-advantaged savings account. Unlike their predecessors, which are opened through an employer, HSAs are consumer owned accounts that are attached to investment vehicles that help individuals save for unexpected medical expenses and plan for future healthcare and retirement needs.

"Consumer Directed Healthcare provides a more affordable option to employers and individuals and assist with their goal to live on solid ground," said Hugh Gallagher, Senior Vice President, SunTrust Retail Deposit Product Management. "By offering best in class product features including a multi-purse debit card, wellness tools, competitive investment options, 24/7 customer support, claims processing and online options, the SunTrust HSA is designed to help individuals take an active role in directing their healthcare financial future."

SunTrust Banks, Inc., headquartered in Atlanta, is one of the nation's largest banking organizations, serving a broad range of consumer, commercial, corporate a
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SOURCE SunTrust Banks, Inc.
Copyright©2008 PR Newswire.
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