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Home > Health Insurance News > Blue Cross And Blue Shield Companies To Develop Bank
Blue Cross And Blue Shield Companies To Develop Bank
(CHICAGO – December 5, 2005) – The Blue Cross and Blue Shield Association (BCBSA) board of directors has approved developing a new bank to help Blue Cross and Blue Shield (BCBS) companies give consumers greater financial options and simplify how they direct their healthcare spending. Blue Healthcare Bank will facilitate administrative and financial support for BCBS companies and their members enrolled in consumer directed health plans (CDHPs) or in health savings accounts (HSAs), health reimbursement arrangements (HRAs) and flexible spending accounts (FSAs).
The move is a major step toward achieving the Blues' vision of a seamless healthcare system organized around the principle of making knowledge work to empower consumers, including providing information and tools to make better decisions about their healthcare.
“Developing this bank represents a key component of the Blues’ leadership and our vision for a better healthcare system,” said Scott P. Serota, BCBSA's president and CEO. “Our goal is a system which simplifies the vast information available in healthcare and puts it in the hands of consumers and providers. This will strengthen and facilitate collaboration between patients and providers to improve quality and efficiency.”
Upon regulatory approval, Blue Healthcare Bank will give consumers total financial support related to their healthcare decisions. It also means that money a consumer and his or her employer deposits into their account can be managed more efficiently and with less confusion.
Banking services will support the administration of FSAs and HRAs and the custody of HSA deposits, including payment of qualified medical expenses through debit card or check, Web site access and various overdraft protections.
"It's important for the Blues to offer consumers a complete line of healthcare services, and in the area of consumer-directed healthcare, that means strong financial services," said Richard J. Hale, president and CEO of Blue Cross and Blue Shield of Mississippi and chairman of the BCBSA board of directors. "For customers of Blue Cross and Blue Shield of Mississippi, as well as Blue Plans nationwide, we see Blue Healthcare Bank as an important resource to help our members, employers and providers make critical health-related financial information work for them.”
Fifty-seven percent of employers say they are considering consumer-driven products. Industry experts project total enrollment in consumer-driven products to eclipse 20 million by 2008. Collectively, about 70 million members of participating BCBS companies could benefit from Blue Healthcare Bank.
"For people to truly have the power to make care decisions based on quality and cost, we must provide them with the tools to do so," Serota said. "Consumers want to be able to do things like track account information and manage healthcare assets. We are developing this bank to provide consumers with a simple consolidated financial support, seamlessly integrated with a traditional health plan."
If you are interested in learning more about the Blue Healthcare Bank, BCBSA will be holding a conference call on Monday, Dec. 5, at 1:00 p.m. EST, to provide additional details. The call, featuring BCBSA President and CEO Scott P. Serota, can be accessed at 877.771.7176; participant code 580814.
The Blue Cross and Blue Shield Association is made up of 39 independent, locally operated Blue Cross and Blue Shield companies that collectively provide healthcare coverage for more than 93 million – nearly one-in-three – Americans.
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