CHICAGO, June 23 /PRNewswire/ -- Blue Cross and Blue Shield of Illinois, as part of its continuing effort to provide its customers with innovative tools to manage health care costs, announced today that it has entered into an agreement with the Human Resources & Investor Solutions sector of Mellon Financial Corporation to introduce a Health Savings Account (HSA) product. This new product empowers consumers to have more ownership over their health care decisions by integrating the administration of the health care and financial elements of the HSA program.
Blue Cross’ new HSA product will combine the insurer’s expertise in health care coverage with the financial strength of Mellon’s Human Resources & Investor Solutions business to provide consumers with a one-stop shopping experience. The new product will feature a high-deductible consumer-driven health plan, which will offer access to Blue Cross’ extensive PPO hospital and physician networks and award-winning customer service operation. Financially, the new product will offer the consumer an interest-bearing checking account and debit cards to directly pay for qualified medical expenses out of the HSA, as well as an investment account through The Dreyfus Corporation, a Mellon mutual fund business.
“We believe this HSA product will provide employers and employees with more flexibility in developing and selecting benefit plans, which will help them manage costs,” said Gail Boudreaux, President of Blue Cross and Blue Shield of Illinois. “We consider HSA products to be an integral part of both our consumerism philosophy and our product portfolio. This new product builds on the successful 2003 launch of our BlueEdge consumer-driven product and ongoing development of a full range of tools to assist our members in making informed health decisions. We expect to see an increased demand for these products across all market segments.
“We were impressed with Mellon’s strong reputation for innovation,” Boudreaux noted. “Furthermore, Blue Cross and Mellon share a commitment to customer service and helping consumers navigate the sometimes confusing worlds of health care and finance.”
HSAs, recently authorized by the Medicare Prescription Drug, Improvement and Modernization Act of 2003, are portable health savings accounts consumers can use to pay for qualified medical expenses. These accounts are offered in tandem with a health plan that provides coverage for major medical costs. Currently, employers and employees can contribute to HSAs (up to $5,150 for a family and $2,600 for an individual).
Blue Cross and Blue Shield of Illinois, a division of Health Care Service Corporation, a Mutual Legal Reserve Company (HCSC), is the oldest and largest health insurance company in the state. Currently, Blue Cross and Blue Shield of Illinois provides health insurance coverage for more than 6.2 million people.
HCSC is an independent licensee of the Blue Cross and Blue Shield Association.
Mellon Human Resources & Investor Solutions is the worldwide human resources and shareholder services business of Mellon Financial Corporation, a global financial services company. Headquartered in Pittsburgh, Mellon is one of the world’s leading providers of financial services for institutions, corporations and high net worth individuals, providing institutional asset management, mutual funds, private wealth management, asset servicing, human resources and investor solutions, and treasury services. Mellon has approximately $3.6 trillion in assets under management, administration or custody, including more than $675 billion under management. Its asset management companies include The Dreyfus Corporation and U.K.-based Newton Investment Management Limited. News and other information about Mellon are available at http://www.mellon.com/ .
Website: http://www.mellon.com
Blue Cross and Blue Shield of Illinois
CONTACT: Tony Rau of Blue Cross and Blue Shield of Illinois,+1-312-653-6701
