Blue Care Network introduces new health savings account plan
Members take charge of health care dollars with BCN HMO HSA℠
July 10, 2012
SOUTHFIELD, MICH. — Blue Care Network continues its mission of providing affordable health care solutions that meet the needs of its customers with the addition of BCN HMO HSA, a new high-deductible health plan that includes a health savings account. This tax-free savings account allows members to take charge of their health care dollars and provides groups with a 3 to 8 percent savings over other comparable BCN plans.
"More employers are offering consumer-directed health plans because they provide significant cost savings," said Kevin Klobucar, president and CEO, Blue Care Network. "BCN HMO HSA provides employer groups with more flexible and affordable health care choices for their employees. It's another example of how we’re continuing to meet the needs of the business community, our groups and our members."
BCN HMO HSA couples lower premiums with higher deductibles, providing members with high-quality care and convenient, online savings account management through Blue Care Network's preferred health care partner, HealthEquity®, a leader in integrated health plan account solutions.
The health savings account offers BCN members many benefits:
- Members can save tax-free money for future medical expenses and can conveniently manage their account online and access their health care funds through the use of a debit card.
- Members have the option to grow their accounts through investment earnings.
- The HSA is portable and transferrable.
- The funds within the HSA roll over from year to year (members aren’t required to use up the funds in a year or lose them).
- Groups can determine the level of member responsibility for deductibles, copays and out-of-pocket maximums. This allows groups to design a plan that meets their business needs and health care budgets.
Preventive care, comprehensive benefits and unmatched access to doctors and hospitals are included in the BCN HMO HSA as well as an integrated prescription drug plan and the ability to add vision and dental coverage. Access to exceptional health and wellness programs, personalized information and health improvement programs are but a few additional features of the BCN HMO HSA plan.
Health savings accounts are becoming more popular. HSA enrollment nationwide has increased nearly 15 percent from the period of January 2010 to January 2011, according to a recent survey released by America's Health Insurance Plans, a trade association representing the health insurance industry.
BCN HMO HSA is another offering strengthening its suite of consumer-directed health plans available to groups and joins BCN’s already successful Healthy Blue HMO HRA℠ plan. Healthy Blue HMO HRA is a health reimbursement arrangement that has gained popularity with nearly 60,000 members and close to 700 groups since its launch in late 2009.
Blue Care Network and Blue Cross Blue Shield of Michigan have continually provided customers with innovative products and plans – including Healthy Blue Living℠ and Simply Blue℠. BCN HMO HSA will be available to groups in July, with an October effective date. For more information on the BCN HMO HSA, please visit our website.
Blue Care Network is Blue Cross Blue Shield of Michigan’s HMO affiliate. BCN has Michigan’s largest managed care network with more than 4,500 primary care doctors, 14,000 specialists and most of the state’s leading hospitals. It provides and administers health benefits to more than 675,000 BCN members in a broad variety of group and individual plans, including Medicare options. Innovative plan designs, such as Healthy Blue LivingSM, motivate members to live healthier lives and encourage them to take ownership of their health. BCN is a nonprofit corporation and independent licensee of the Blue Cross and Blue Shield Association. Learn more at bcbsm.com.