Utah State And Local Officials Celebrate Opening Of Blue Healthcare Bank
Gov. Huntsman: Strong Environment for Business Brought Innovative Bank to Utah
March 6, 2007
SANDY, UTAH – Gov. Jon M. Huntsman, Jr., joined other state, local and business officials in celebrating the opening of the Blue Healthcare Bank, a leader in financial healthcare services established by participating Blue Cross and Blue Shield companies. The bank, located in Sandy, Utah, will provide banking services in all 50 states.
"Utah's strong economy and business-friendly environment attracts world-class organizations like the Blue Healthcare Bank," said Gov. Huntsman. "We are proud to be associated with this endeavor of the participating Blue Cross and Blue Shield companies and to also support business efforts that empower consumers."
Blue Healthcare Bank's Sandy office opens with 24 professional-level employees, with plans to expand to more than 50 full-time employees in the next three years. The bank received regulatory approval as a Federal Savings Bank by the Office of Thrift Supervision in December 2006.
"We are excited to be part of Utah's dynamic business environment. The Blue Healthcare Bank will bring leadership and energy to the consumer healthcare financial services market," said Scott P. Serota, Blue Cross and Blue Shield Association president and CEO, in remarks at the ribbon cutting ceremony.
Serota continued: "More and more Americans are taking greater control of their healthcare choices by enrolling in consumer-directed health plans (CDHPs), such as health savings accounts (HSAs). As this trend continues, consumers will be in greater need of reliable financial services. The Blue Healthcare Bank responds by providing consumers with access to a trusted and secure financial resource to help them efficiently manage their healthcare dollars."
The U.S. Department of Treasury estimates that 40 million to 45 million Americans will be enrolled in HSA-eligible insurance plans by 2010.
"HSAs put healthcare within reach for many, many Americans," said Sen. Orrin G. Hatch (R-Utah). "The promise of HSAs – giving workers control and choice in their healthcare – will only be realized if we can help consumers navigate these unfamiliar waters."
The Blue Healthcare Bank is an important step in the effort to further inform and empower the consumer.
Regence BlueCross BlueShield of Utah will begin offering the Blue Healthcare Bank's services to its members later in 2007. Approximately 15 to 20 Blue Cross and Blue Shield companies will be using the bank by the end of the year.
"Regence BlueCross BlueShield of Utah is committed to delivering new and innovative services to our members that remove the complexities of managing their healthcare," said Scott Ideson, president of Regence BlueCross BlueShield of Utah. "As Utah's first health insurance company, Regence continues to search for solutions designed to transform healthcare services that better serve our 800 employees and 400,000 members in Utah."
Blue Healthcare Bank's integrated banking and healthcare technology will allow consumers to oversee their healthcare spending by paying for qualified medical expenses via a debit card linked to multiple personal accounts such as HSAs, flexible spending accounts (FSAs) and health reimbursement arrangements (HRAs).
The Blue Healthcare Bank will offer consumers:
- Continuity – the bank can be integrated with the account holder's health plan;
- Convenience – an array of services are provided, including on-line banking, banking-by-phone, debit cards, checks, investment options and statements to help customers manage their accounts;
- Stability – the bank is affiliated with a health plan that consumers trust; and,
- Expertise – the bank employees specialize in healthcare-related financial services.
"Consumers need to be able to manage their healthcare assets, submit claims and make co-pays in a single, seamless transaction with personalized healthcare spending reports from one source," said Robert Gross, president of Blue Healthcare Bank. "The Blue Healthcare Bank will do this and more for consumers, and I look forward to being part of this new and exciting initiative."
For more information on health savings accounts go to:
United States Department of the Treasury
National Consumer Driven Healthcare Summit of 2006
The Blue Cross and Blue Shield Association is a national federation of 39 independent, community-based and locally operated Blue Cross and Blue Shield companies that collectively provide healthcare coverage for more than 100 million individuals - one-in-three Americans. For more information on the Blue Cross and Blue Shield Association and its member companies, please visit www.BCBS.com.
