Unicare contracts with JPMorgan for Health Savings Accounts compatible with high deductible plans & Arcus Financial will provide financial services

UNICARE has arranged to have Health Savings Accounts (HSAs) provided by JPMorgan directly to eligible UNICARE members. UNICARE has arranged for ARCUS Financial, a division of ARCUS Enterprises, Inc., to provide services related to the opening and maintenance of these HSAs. These are available at the Policy Store.

(PRWEB) September 27, 2004 -- UNICARE previously announced that it will be offering the High Deductible Health Plans (HDHPs) designed to be compatible with HSAs to individuals and group employees. HSA-enabling legislation became effective as part of the Medicare Prescription & Modernization Act signed by President Bush on December 8, 2003.

HSAs are the latest "consumer-driven" strategy for managing the rising costs of health care expenses. HSAs allow individuals and families who have qualified HDHPs to put aside money in a tax-exempt HSA account to cover their qualified medical expenses. Individuals who purchase or enroll in an HDHP can make a pre-tax annual contribution to an HSA of up to $2,600 with families allowed a maximum contribution of $5,150. Individual purchasers are not eligible for an HSA if they qualify for Medicare, are covered under another persons tax return or are covered as an individual, spouse or dependent under another comprehensive health plan that is not an HDHP.

"The relationship between ARCUS Financial Services, JPMorgan and UNICARE will provide greater financial flexibility for individual consumers, employers, employees and their families to meet their increasing health and welfare needs in new, practical ways," said Denny Weinberg, CEO of ARCUS Enterprises. "We value these types of joint development relationships that result in break-through ideas and products-ideas that will lead and shape our business for years to come."
HSA advantages for consumers include:

*Tax-deductible contributions
*HSA account interest is tax-deferred
*HSA withdrawals can be used to pay for any qualified medical expense
*HSAs are portable and owned by the individual; contributions cannot be taken away
*Unspent balances carry over and can accumulate over a lifetime to be used at retirement to pay for uncovered medical expenses. (However, consumers may not contribute once they reach age 65.)
*HSAs may be passed on to a surviving spouse tax free if the account holder should pass away

"As a leading financial services provider to the health care industry, JPMorgan is pleased to be providing this new health care financing option to UNICARE members," said John Prince, senior vice president, JPMorgan Treasury Services. "JPMorgan is committed to developing new solutions to meet the needs of health care entities and to provide less expensive, more efficient and accurate tools for processing health care transactions."

For information on these and other plans available please the Policy Store toll-free at 866-526-9669 and ask for the HSA information.

Other Sites of interest by Agent Jeff Cline of the Policy store:
www.PolicyStore.com
www.thePolicyStore.com
www.Unicare.biz
www.Unicare-health-insurance.com
www.UnicareAgents.com

Other Press Releases of interest from Unicare Premier agent Jeff Cline of the Policy Store:
http://www.prweb.com/releases/2004/9/prweb159154.htm
http://www.prweb.com/releases/2004/9/prweb159144.htm
http://www.prweb.com/releases/2004/9/prweb155062.htm
http://www.prweb.com/releases/2004/9/prweb155627.htm

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