Blue Shield of California Life & Health Insurance Company Introduces New High-Deductible Health Plans for Individuals

SAN FRANCISCO, June 21 /PRNewswire/ -- As consumers increasingly turn to health savings accounts (HSA) as a way to help control their health care costs, Blue Shield of California Life & Health Insurance Company (Blue Shield Life) is providing individuals and families with greater access to that investment option. Effective July 1, 2005, Blue Shield Life is introducing Shield Spectrum PPO Savings Plans 4000/8000, two new high deductible PPO plans that offer lower-cost premium options and are HSA-compatible.



HSAs are privately held, interest-bearing accounts that consumers can use to pay for deductibles and qualified medical expenses. Members also may use pre-tax HSA funds to pay for services traditionally not included in health plan coverage, such as dental care, eye exams, and acupuncture. Unlike other financial health care accounts, such as health reimbursement accounts or flexible spending accounts, members maintain ownership of their HSAs regardless of changes in employment and unused funds roll over from year to year.



"Consumers continue to look for ways to control their health care costs," said Lisa Rubino, senior vice president and chief executive of Blue Shield's Individual, Small Group, and Government Business Unit. "Blue Shield Life's new products provide access to comprehensive, coverage for low-cost premium options that are compatible with a tax-deferred savings accounts."



The new plans feature a deductible of $4,000 for individuals and $8,000 for families. The plans also cover preventive care with a $35 copay without having to meet the deductible. Members who enroll in these plans can use pre-tax HSA funds to pay for qualified medical expenses such as copays, deductibles, physician and hospital services, including outpatient surgery. Individuals may select the vendor to administer their health savings' accounts or use Blue Shield's preferred HSA vendor, Wells Fargo International Trust Services (a division of Wells Fargo Bank, N.A.). Blue Shield of California Life & Health Insurance Company (Blue Shield Life) is a wholly owned subsidiary of Blue Shield of California. More information is available at www.bscalife.com or by calling (800) 443-8284.