In a convergence of healthcare and financial services, the Blue Cross and Blue Shield Association announced that it has received approval to provide healthcare-related banking services in all 50 states. Its bank will allow consumers to manage and direct their healthcare spending by paying for qualified medical expenses via a debit card linked to multiple personal accounts such as health savings accounts, flexible spending accounts, and health reimbursement arrangements. The revenue generated from this enterprise is not expected to affect insurance rates, but rather is intended to be competitive positioning for the Blues and to provide a service for members and support to providers facing a higher collection burden than in the past. Having members present a debit card in the provider’s office that will adjudicate the claim assures the provider that he or she will receive appropriate payment. Read the news release.
