Press Release:
Dec. 20, 2005
Prepared by BCBSF Public Relations
Blue Cross and Blue Shield of Florida (BCBSF) currently offers a variety of consumer-directed health plans including Health Savings Accounts (HSAs) and HSA administration and banking services through Mellon Financial Corp. The Blue Healthcare Bank, recently announced by the Blue Cross and Blue Shield Association (BCBSA), will be primarily focused on health-related savings accounts versus traditional banking services. Since the Blue Healthcare Bank won’t be fully operational for up to two years and due to the fact that BCBSF already has the ability to meet and exceed its customers’ needs with our existing relationships, BCBSF made the strategic decision to not participate in the establishment of the bank.
BCBSF carefully evaluated the offer made by the BCBSA to participate in the creation of the Blue Healthcare Bank. Although BCBSF offered to use the services of the bank to give BCBSF’s customers even greater financial options in their health care spending, that is not the bank's current business model. Any Blue plan using the services of the bank is required to become an investor. However, the current Blue Healthcare Bank offering states that non-investors will be able to join after a three-year period, and that is certainly an option BCBSF could exercise if deemed appropriate.
We will continually evaluate our options – without duplicating efforts – to ensure that BCBSF has the capabilities to help consumers understand health care costs and get the most value for their money, now and in the future.
If you have any questions about our decision, please contact your sales representative.
