CHICAGO--Blue Cross and Blue Shield of Illinois (BCBSIL) Consumer Markets Division, as part of its ongoing effort to meet the growing demands of consumer-directed health care, announced today that it is offering two new Health Savings Account (HSA) compatible health plans: the BlueEdge Individual HSA and the BlueEdge Individual HSA 5000.
These plans expand on the success of BCBSIL's current High Deductible HSA-compatible plan. With over 14 percent of Illinois residents currently uninsured according to the U.S. Census Bureau, HSA-compatible plans provide a viable option for health care coverage. These HSA-compatible plans will also appeal to the self-employed and recent college graduates. BCBSIL's Consumer Markets Division serves the individual market of Illinois.
HSAs empower consumers to have more control and ownership over their health care decisions by allowing them to combine health care insurance with the savings and tax benefits of an HSA. Blue Cross' new plans offer a large selection of benefits and deductible levels depending on the customer's needs and budget: $1,000, $1,750, $2,600 and $5,000 for individuals, and a family deductible equal to twice the individual level. The new plans also offer access to Blue Cross' extensive PPO contracting hospital and physician networks as well as their outstanding customer service operation.
These new HSA-compatible health plans provide the same types of benefits as Blue Cross' other plans, including coverage for hospitalization, surgery, doctor office visits, inpatient, outpatient and emergency care. Additionally, the plans hold a competitive edge over other high deductible plans by offering optional maternity coverage, prescription drug coverage, well-child care, and adult wellness benefits. With the BlueEdge Individual HSA 5000 there is 100% coverage for these features after the deductible is met, and 80% coverage with the BlueEdge Individual HSA, both with participating providers.
"The BlueEdge Individual HSA and the BlueEdge Individual HSA 5000 will provide compelling new opportunities for a wide range of individuals and families. Consumers gain new ways to manage their health care costs while creating a tax-savings opportunity with the addition of an HSA to pay for qualified medical expenses. We consider the addition of these HSA-compatible health plans to be an important part of both our consumerism philosophy and our product portfolio," said Fred Karutz, Vice President of Blue Cross and Blue Shield of Illinois, Consumer Markets.
"Individuals purchasing these HSA-qualified plans will have the reliability of a health plan provided by Illinois' oldest and largest insurer. These plans reflect BCBSIL's commitment to develop timely, innovative products that respond to the demands of the marketplace."
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