Payroll and benefits outsourcing provider Paychex Inc. has partnered with Mellon Financial and Affiliated Computer Services to offer the Paychex Health Savings Account.
The HSA is available to Paychex's small business payroll clients, as well as clients of Paychex Premier Human Resources and Paychex Business Solutions -- the company's professional employer organization.
Under the terms of the partnership, Paychex collects and remits HSA funds to Mellon Trust of New England, the account custodian. Meanwhile, ACS provides account administration and customer service for employers and accountholders.
HSA accounts allow individuals to save money tax-free to pay for qualified medical expenses both now and for the future. Individuals covered by a qualified, high-deductible health plan are eligible to enroll in an HSA.An HSA is owned by the individual, not the employer; therefore, if the owner incurs a change in status, including job, medical coverage or marital status, the HSA account remains with that individual.
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