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BCBSA
To Create Bank for Health Savings Accounts
(12/5/2005)
Source:
BCBShealthissues.com
The
Blue Cross and Blue Shield Association (BCBSA) plans
to charter a bank to manage enrollees'
health savings accounts directly.
The BCBSA, expected to announce the move on Monday, is
planning to begin operations by summer of 2006, pending
regulatory approval.
Blue Healthcare Bank is intended to simplify the
administration of HSAs and other health plans offered by
regional Blue Cross
plans throughout the U.S. Until now, BCBS plans have
partnered with established banks to handle the savings
accounts that members use to pay their out-of-pocket
expenses. BCBS executives noted that Blue Healthcare Bank,
which currently has the support of 31 of 39 locally
operated BCBS health plans, could help decrease
transaction costs for the health plans.
UnitedHealth Group is the only other major health
insurer that has formed its own bank.
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