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About the CDHP Market
More and more companies and health insurers are offering high-deductible health plans (HDHP). These products cover members for major medical emergencies and expenses and can be offered at reduced premiums to consumers. With these products, consumers can take a more active role in managing their out-of-pocket healthcare expenses.
Personal Spending Accounts (PSA)
To assist consumers in paying these out-of-pocket expenses, various personal spending accounts (PSAs) – such as Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) – have been developed that encourage consumers to save for healthcare expenses using tax-advantaged dollars. Employers may also assist employees by contributing to savings accounts through various Health Reimbursement Arrangements (HRAs).
Financial and Administrative Services
These consumer-driven options require insurers to provide account administration and financial services for these products. Blue Cross and Blue Shield companies work with a variety of service providers and financial institutions to meet these needs. Research indicates that consumers prefer having their health insurer fulfill the role of the HSA custodian over any other entity. In addition, sixty-two percent of consumers expect their health insurer to be the point of contact for questions regarding HSA management. Blue Healthcare Bank was developed to meet this growing need.
Blue Healthcare Bank
By enabling Blue companies to provide members with high-quality healthcare-related financial services, Blue Healthcare Bank plays an important role in the Blues’ efforts to engage consumers in their own healthcare management.
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