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Minn. Blue To Send Customers To Schwab

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NU Online News Service, Dec. 1, 2004, 11:39 a.m. EST

A large health insurer in the upper Midwest has picked a discount broker to help manage clients’ health savings accounts.[@@]

Blue Cross and Blue Shield of Minnesota, Eagan, Minn., has agreed to refer members of its Options Blue high-deductible health plans to Charles Schwab Trust Company, a subsidiary of Charles Schwab Corp., San Francisco, for health account services.

Schwab will offer Minnesota Blue HSA holders a menu of 10 mutual funds selected by Devenir L.L.C., Minneapolis, a registered investment advisor. When HSA assets exceed a minimum level, the holder can open a Schwab self-directed brokerage account.

Minnesota Blue provides or administers health coverage for 2.6 million people.