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Georgia Blue Introduces MSA Product

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NU Online News Service, Sept. 26, 5:45 p.m. – Blue Cross and Blue Shield of Georgia, Atlanta, a unit of WellPoint Health Networks Inc., Thousand Oaks, Calif., has introduced the BlueChoice MSAEligible, a product that combines a tax-exempt medical care account with high-deductible catastrophic health insurance.

Because of the complicated federal rules governing MSAs, only self-employed people, employers with fewer than 50 employees, and dependents of eligible self-employed people and employers are eligible to sign up for the new MSA accounts, Georgia Blue says.

For individual coverage, the maximum deductible is $2,500 and the maximum annual out-of-pocket expense is $3,300.

For a family policy, the deductible is $4,950 and the maximum out-of-pocket limit is $6,050.

Customers will get their catastrophic health insurance from Georgia Blue, but they can use any bank or money manager approved by the Internal Revenue Service to administer the medical care accounts.