Millennium Trust to acquire CVS Health's HSA business

Millennium Trust Co. is purchasing health savings account company PayFlex Holdings from CVS Health for an undisclosed amount.

The acquisition will significantly expand the Oak Brook, Ill.-based Millennium Trust platform to include HSAs, health reimbursement accounts, flexible spending accounts, COBRA administration and direct-billing services, according to an April 5 news release from Millennium.

Millennium says it will grow Omaha, Neb.-based PayFlex from 2.4 million members and over 2,500 clients to 5 million individual client accounts and $47 billion of total assets under administration.

Millennium will also enter into a long-term commercial relationship with CVS Health subsidiary Aetna to maintain PayFlex as the payer's preferred provider of HSAs and other consumer-directed benefit solutions for existing and prospective members.

Finalization of the acquisition is expected in the second quarter. The two companies will remain independent until then.

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