Horizon Blue Cross Blue Shield of New Jersey will be adding a health reimbursement arrangement along with a health savings account program for employer groups.[@@]
The new Horizon MyWay HSA and Horizon MyWay HRA plans will start taking effect Oct. 1, according to Horizon, Newark, N.J.
Employers that set up HSA programs must combine the accounts with high-deductible health insurance. Horizon will be offering the HSA program to employers with 2 or more employers.
Employers must have at least 51 employees to qualify for the HRA program, but employers can choose any deductible level when they set up HRA programs.
Horizon will be using a debit card system from Evolution Benefits Inc., Avon, Conn. to help program members get to HSA and HRA funds.
Employers that adopt the Horizon HSA program can get access to HSAs with no access fees, a 2% interest rate and access to mutual funds, Horizon says.