PHOENIX--(BUSINESS WIRE)--Arizonans looking to stretch their health care dollars through the use of a tax-advantaged health care savings account (HSA) will have a new banking option beginning in August when Blue Cross Blue Shield of Arizona (BCBSAZ) introduces Blue Healthcare Bank as a new banking option for the maintenance and servicing of Blue members' HSAs.

According to a census report released by America's Health Insurance Plans (AHIP) earlier this year, 4.5 million Americans now have Health Savings Accounts (HSAs), up from 3.2 million a year ago. In addition, 27 percent of new enrollees in individual plans were previously uninsured. HSA/high-deductible health plan products accounted for 17% of new policies in the small-group market and 8% of new policies in the large-group market.

Earlier this year, the Blue Cross and Blue Shield Association (BCBSA) announced approval by the Office of Thrift Supervision of the application for a Federal Savings Bank charter for Blue Healthcare Bank. The charter allows Blue Healthcare Bank to provide health care-related banking services in all 50 states.

Beginning August 6, BCBSAZ members with a qualified high-deductible health plan, such as BluePreferred Saver, can open a HSA with Blue Healthcare Bank.

"Enrollment in health savings accounts has been rapidly increasing as people become more aware of the savings they can achieve by paying for health care expenses with tax-advantaged funds and the convenience of managing their medical expenses through a debit card, check or online bill payment," said Richard L. Boals, president and chief executive officer of BCBSAZ.

For BCBSAZ members, Blue Healthcare Bank will be another HSA option to choose from. BCBSAZ members enrolled in a qualified high-deductible health plan will still have the opportunity to choose a HSA managed by a different bank, such as HSA Bank, if they prefer.

The BCBSAZ/Blue Healthcare Bank offering will allow consumers to manage and direct their health care spending by paying for qualified medical expenses via a debit card linked to their HSA.

Blue Healthcare Bank will offer consumers:

• Convenience - An array of services are provided, including online banking, banking-by-phone, debit cards, checks, a variety of investment options and statements to help customers manage their accounts.
• Stability - The Bank is FDIC insured and is affiliated with a health plan that consumers trust.
• Expertise - The Bank employees specialize in health care-related financial services.

For more information on BCBSAZ HSA-compatible plans, visit azblue.com/HSA.

About Blue Cross Blue Shield of Arizona

Blue Cross Blue Shield of Arizona, an independent licensee of the Blue Cross and Blue Shield Association, is the largest Arizona-based health insurance company. The not-for-profit company was founded in 1939 and provides health insurance products, services or networks to more than 1.1 million individuals. With offices in Phoenix, Flagstaff, Tempe and Tucson, the company employs more than 1,500 Arizonans. For information about Blue Cross Blue Shield of Arizona and its community programs such as WalkingWorks, please visit www.azblue.com.

About Blue Healthcare Bank

Blue Healthcare Bank, an independent licensee of the Blue Cross and Blue Shield Association, is a separate company formed and governed by 33 Blue Cross and Blue Shield companies and the Blue Cross and Blue Shield Association, the association for the 39 independent and locally operated Blue Cross and Blue Shield companies.

Blue Healthcare Bank is a dba of HealthBenefit Bank, Member FDIC.

Blue Cross Blue Shield of Arizona and Blue Healthcare Bank are independent licensees of the Blue Cross Blue Shield Association.

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Source: Blue Cross Blue Shield of Arizona

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