Blues Plans Put Health Care Bank Up for Sale

By Staff Report

Aug. 20, 2009

Blue Cross and Blue Shield plans are seeking a buyer for their Blue Healthcare Bank, which opened in 2007 and provides health care banking services, including health savings accounts, to plan members.

A variety of factors contributed to the reason for the sale, said Jeff Smokler, spokesman for the Blue Cross and Blue Shield Association.

“The future marketplace is one of those factors,” he said.

The bank, located in Sandy, Utah, serves the members of 14 Blues plans nationally. About 6,300 members have HSAs through the bank, Smokler said.

Thirty-three Blues plans hold a stake in the bank and are seeking to sell its assets, including the federal charter.

The decision doesn’t reflect a lack of confidence in consumer-driven health plans or HSAs, Smokler said.

Filed by Rebecca Vesely of Modern Healthcare, a sister publication of Workforce Management. To comment, e-mail

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