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February 21, 2007
Blue Cross Blue Shield Approved To Start Health Savings Account Bank
Blue Cross Blue Shield has received federal approval to establish a savings bank that will be allowed to administer Health Savings Accounts. Blue Cross Blue Shield said it had received assent from the Office of Thrift Supervision, a Treasury Department agency, to establish a federally insured savings bank to be based in Utah. It will be called Blue Healthcare Bank.
Health Savings Accounts can be set up by consumers who have high-deductible insurance plans, and Blue Cross Blue Shield offers some of the most competitive HSA plans on the market.
Workers and their companies can deposit money into Health Savings Accounts, which can be used to pay for medical expenses. Unspent money in the Health Savings Account accumulates and can be invested.
As a result of the approval of the health savings bank, Blue Cross Blue Shield said it would drop its bid to open an industrial loan corporation, a more far-reaching type of financial institution and one that has come under fire recently.
The Federal Deposit Insurance Corporation on Jan. 31 extended its moratorium on applications to open industrial loan corporations for a year to give Congress time to study what sort of limitations, if any, should be placed on the scope of business an ILC can conduct.
You can learn more about different plans by visiting our Blue Cross Blue Shield plan pages:
Blue Cross Blue Shield of AZ
Blue Cross of CA
Blue Shield of CA
Blue Cross Blue Shield of CO
Blue Cross Blue Shield of ID
Blue Cross Blue Shield of IL
Blue Cross Blue Shield of NV
Blue Cross Blue Shield of TN
Blue Cross Blue Shield of TX
Blue Cross Blue Shield of IN
Blue Cross Blue Shield of LA
Blue Cross Blue Shield of MO
Blue Cross Blue Shield of OH
Blue Cross Blue Shield of VA
Blue Cross Blue Shield of WI
And learn more about HSA and other available plans at: http://www.health--savings--accounts.com
Posted by Wiley Long at February 21, 2007 10:07 AM