NU Online News Service, Jan. 25, 2:05 p.m. – Blue Cross and Blue Shield of Minnesota, St. Paul, Minn., has introduced MSA Blue, a health plan for small businesses that combines a high-deductible health benefit plan with an interest-bearing, federally qualified medical savings account.
Minnesota Blue is selling the MSA plan through its agent network and its own sales representatives.
The new plan allows employers and self-employed individuals to contribute up to 65% of their plan deductible for single coverage to a tax-deductible personal account, according to Kathy Kelly, head of product management at Minnesota Blue.
The employee can then withdraw the money as needed to pay for health care expenses.
The individual must cover any amount remaining on the deductible.