Medica today announced that it has teamed with OptumHealth Financial Services (OptumHealth) to deliver consumer-directed health plans (CDHPs) to all of Medica's commercial health plan customers - making Medica the first health plan in Minnesota to offer a full spectrum of health benefit services to employers of all sizes.
“The appeal of tax-advantaged health care accounts continues to grow as more people look for smart ways to save and pay for qualified health care expenses”
The relationship will be in effect January 1, 2011, for new Medica customers or existing customers new to consumer-directed health offerings. OptumHealth will provide health savings accounts (HSAs), health reimbursement accounts (HRAs) and flexible spending accounts (FSAs) to Medica's CDHP customers.
Medica's relationship with OptumHealth will enhance Medica's CDHP offerings. It enables Medica to expand into new service categories, including CDHPs offered in connection with a Voluntary Employee Beneficiary Association (VEBA) trust, a non-profit, tax-exempt health and welfare benefit trust commonly offered to government and union employees, and Consolidated Omnibus Budget Reconciliation Act (COBRA) plans, which allow workers who lose their jobs under certain conditions to continue with their employer-based coverage at their own expense.
The Medica-OptumHealth relationship also provides additional benefits to employers, members and health care providers: