DETROIT, Sept. 28 /PRNewswire/ -- Blue Cross Blue Shield of Michigan selected Wells Fargo & Company, one of the nation's leading financial services companies and the only Aaa-rated bank in the United States, to deliver greater ease and convenience to businesses and their employees who use the Blues' new consumer-directed health care offering called Flexible Blue which is being launched Jan. 1, 2006.
The arrangement with Wells Fargo & Company includes administration of employee spending accounts, serving as the Health Savings Account trustee, managing the investment component and investment options, and also providing a debit card for use with spending accounts.
"This new arrangement will make it easier for consumers to enroll in our consumer-directed health products, including our new Flexible Blue offering," said Donald Whitford, director of product development for the Michigan Blues. "Until now, customers using a Health Savings Account had to make their own arrangements with a financial custodian and, in some cases, even arrange with a spending account administrator to adhere to Internal Revenue Service regulations relating to transactions. We wanted to make saving and spending for health care simple and convenient for our members. Wells Fargo helps us meet our goal, simplifying the customer experience with seamless customer service."
Twenty-four hour Web access will allow Blues' HSA members to select mutual fund options based on their personal investment styles, as most employees manage their 401(k) savings accounts. Wells Fargo will only require a small deposit to activate an account and begin investment activity.
Today's announcement is one of several partnerships Blue Cross Blue Shield of Michigan has announced as it readies for its Flexible Blue product offering. In August, the company announced a partnership with Subimo, a leading provider of Web-based health care decision-support assistance, to deliver a suite of online interactive informational resources to its members. Providing online decision-making resources goes hand-in-hand with consumer- driven products.
"The Michigan Blues are offering the greatest array of affordable choices and flexibility in health care options," Whitford said. "Our Flexible Blue product offering combines the dependability of Blue Cross Blue Shield with comprehensive information and resources our members need."
Wells Fargo will manage payroll deduction for Blues members who have HSAs, monitor fund limits set by federal law, and file appropriate reports with the member and the IRS.
For members who hold Health Reimbursement Accounts, in which the employer is the sole contributor of funds, the Blues said they will provide daily updates to Wells Fargo on member claims liability. As a result, members will no longer need to submit paper receipts for reimbursement from the account.
Blue Cross Blue Shield of Michigan, a nonprofit corporation, provides or administers health care benefits to just over 4.7 million members through a variety of plans: Traditional Blue Cross Blue Shield; Blue Preferred, Community Blue and Healthy Blue PPOs; Blue Choice Point of Service; Blue Care Network HMO, and Flexible Blue plans compatible with health savings accounts. Blue Cross Blue Shield of Michigan and Blue Care Network are nonprofit corporations and independent licensees of the Blue Cross and Blue Shield Association. For more information, visit http://www.bcbsm.com .
Wells Fargo & Company is a diversified financial services company with $435 billion in assets, providing banking, insurance, investments, mortgage and consumer finance to more than 23 million customers from more than 6,000 stores and the Internet (http://wellsfargo.com ) across North America and elsewhere internationally. Wells Fargo Bank, N.A. is the only bank in the United States to receive the highest possible credit rating, "Aaa," from Moody's Investors Service.
Blue Cross Blue Shield of MichiganCONTACT: Helen Stojic of Blue Cross Blue Shield of Michigan,+1-313-225-8113; or Beth Doroff of Wells Fargo, +1-612-316-4706
