Blue Healthcare Bank offerings reduce employers’ administrative burden by enabling members of participating Blue companies to more easily manage healthcare-related personal savings accounts and healthcare claims.

To satisfy the unique requirements of each employer, Blue Healthcare Bank supports several types of Consumer-Directed Health Plans which typically offer reduced premium costs, in exchange for a higher deductible. Employers may customize their selections to meet their individual needs with a single account type or a variety of accounts from the Blue Healthcare Bank menu of services.

When employees participate in an HDHP, they set aside money to pay for eligible out-of-pocket expenses. Money can be contributed to an HSA by you and/or your employee up to a maximum of $2,900 single/$5,800 family for 2008. If an employee becomes newly eligible to contribute to an HSA during the year, they will be entitled to the maximum contribution for the year provided they remain eligible for a 12-month period beginning in the year your eligibility started. If an employee is age 55 or older, an additional contribution amount of $900 is allowed in 2008. The additional amount increases by $100 each year until it reaches $1,000 in 2009. The HSA cannot receive contributions after the individual has enrolled in Medicare.

Contributions to an HSA are tax-deductible at the federal level (tax-deferred if made by an employer), and withdrawals are not taxed as long as they are used to pay for qualified medical expenses. State taxes vary –employees should consult a tax advisor.

Don’t have an account? Contact us at 1-800-663-BLUE (2583) for more information.