AETNA Selected by Teacher Retirement System of Texas to Administer Health Reimbursement Arrangement for 600,000 Eligible Employees
Employees May Use Funds for Qualified Medical Expenses, including Health Insurance Premiums
HARTFORD, Conn., February 3, 2004 — Aetna (NYSE: ΑET) announced today the Teacher Retirement System of Texas (TRS), one of the largest pension programs in America, has awarded Aetna its health reimbursement arrangement (HRA) business for statewide employees at over 1,200 school districts, beginning September 1, 2004. Eligible employees will be able to use these accounts to pay for qualified medical expenses, including health insurance premiums. TRS estimates that 600,000 employees will be enrolled in the program the first year. This addition will result in Aetna administering HRA, flexible spending account, and other employee reimbursement programs to over one million total participants nationwide.
"TRS is pleased to award its health reimbursement business to Aetna. It has demonstrated the ability to handle our requirements, the company is financially strong and it has a long-standing relationship administering our retiree medical program," said Ronnie G. Jung, TRS interim executive director. "The HRA program is designed to give public educators the opportunity to reimburse or pay for qualified medical expenses through a tax-favorable mechanism." Further details on the new program will be available later this year.
"Aetna’s health reimbursement products and services, along with our ability to meet TRS’ unique program and communications requirements, were invaluable in winning this business," said Russell D. Fisher, senior vice president, National Accounts and Aetna Global Benefits. "Participants will be able to go online and easily see how the health reimbursement arrangement works, what are qualified medical expenses, and use a variety of self-service tools that support the program."
Aetna is one of the nation’s leading providers of health care, dental, pharmacy, group life, disability and long-term care benefits, serving approximately 13.0 million medical members, 11.0 million dental members, 7.4 million pharmacy members and 12.1 million group insurance customers, as of September 30, 2003. The company has expansive nationwide networks of more than 590,000 health care services providers, including more than 355,000 primary care and specialist physicians and 3,577 hospitals. For more information about Aetna, please visit the company’s web site at www.aetna.com.
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