Cigna unveils HSA for small firms

BLOOMFIELD, Conn., Jan. 5 (UPI) -- U.S. insurer Cigna HealthCare said Friday it has expanded its health savings account product to employers with fewer than 50 workers.

The insurer said the expansion of its HSA -- offered through investment bank JPMorgan Chase -- includes HSA plans that took effect on or after Jan. 1 in Arizona, North Carolina and South Carolina.

The move will extend to employers in Connecticut, California, New Hampshire, New Jersey and New York during the first quarter of 2007, Cigna added, with further expansion planned for the rest of the year.

Cigna said its HSA combines a tax-advantaged savings account with a high-deductible health plan and financial management features, including a debit card and checkbook from JPMorgan Chase.

"By expanding on Cigna's existing relationship with JPMorgan Chase, we are able to provide access to nationally respected products and services that have not been available to small employers until now," said William Roth, president of Cigna's Individual and Small Business Markets Segment. "By combining the expertise of Cigna and JPMorgan, we are also able to simplify the administration for small business employers and their employees."