The Blue Cross and Blue Shield Association wants to start its own bank, to increase member companies’ ability to manage health care spending accounts.[@@]
The proposed Blue Healthcare Bank would give members more choice and would enable them to simplify payments to health care providers, according to the BCBSA, Chicago.
The program, which requires approval from regulators, is aimed at members enrolled in consumer-directed health plans, health savings accounts, health reimbursement arrangements and flexible spending accounts.
The bank would be set up as an industrial bank in Utah, which would have to approve the plan, along with the Federal Deposit Insurance Corp., Washington. If approved, the bank would open soon after Jan. 1, 2006, says Chris Hamrick, a BCBSA spokesman.