The Blue Cross and Blue Shield Association said it received federal approval for the Blue Healthcare Bank to provide healthcare-related banking services in all 50 states.
The bank, which is located in Sandy, Utah, a suburb of Salt Lake City, will allow consumers to manage and direct their healthcare spending by paying for qualified medical expenses with a debit card linked to personal accounts such as health savings accounts, flexible spending accounts and health reimbursement arrangements.
Participating Blue Cross and Blue Shield companies will be able to aggregate members claims and personal health savings information into a single report, officials said. Blue Cross and Blue Shield companies in Arkansas, Idaho, Michigan and South Carolina are already working with the bank and another 12 to 15 companies will come online later this year, officials said. -- by Cinda Becker