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Independence Blue Cross
November 6, 2013
Independence Blue Cross
 
New IBC spending account products offer greater flexibility with expanded options

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With our BlueSaverSM Health Spending Account Solutions, Independence Blue Cross (IBC) offers your customers the opportunity to lower their health care costs and help their employees to take more control of their health care dollars by pairing one of our high-deductible health plans with a spending account.

As part of our transition to a new operating platform, we are pleased to introduce you to our new generation of BlueSaver spending account products. Fully integrated with IBC's medical plans, these products offer employers more flexibility and simplified administration, while making it easier for members to manage their benefits and make informed health care decisions.

Our new spending account products are available to your current IBC customers when they migrate to our new platform on their renewal date. For new IBC business, these products are available on a customer's effective date beginning on or after January 1, 2014.

Highlights of our new spending account products
The BlueSaver portfolio includes health savings accounts (HSAs), health reimbursement accounts (HRAs), health flexible spending accounts (FSAs), and dependent care flexible spending accounts (DCAs).

Enhanced integration combined with exciting new capabilities will provide employers with even more flexibility for plan design and simplified enrollment and administration of the accounts. It will be easier and more convenient for members to manage their accounts at ibxpress.com, and they will have new decision-support tools to help them become better health care consumers.

Enhancements for employers include:
  • Streamlined enrollment
  • New robust online reporting
  • Convenient new ways to fund accounts
  • Simplified billing and a new consolidated plan activity statement
Enhancements for members include:
  • New pay-the-provider feature
  • Faster claims submission and reimbursement
  • Single sign-on access to integrated medical plan and spending account information at ibxpress.com
  • New single plan activity statement that helps members make more informed decisions
Part of our new spending account solutions is an integrated HSA with Bank of America. This HSA is fully integrated with IBC's high-deductible health plan to make account management simple and straightforward for both employers and members. Members will now be able to log on to ibxpress.com to see their medical claims and HSA activity in a single, easy-to-read plan activity statement. The new HSA also has no monthly account fee, regardless of balance, to help members save even more money.

New sales collateral helps you showcase products to customers and members
We have created a Product Enhancements Brochure to help you understand the advantages that our spending account products will offer your customers. To help you present the products and capabilities to your customers and their employees, we have also developed new BlueSaver Health Spending Account Solutions sales materials.

Customer materials:
Member materials:
These materials are now available to order through BAGS on ROAM for open enrollments.

Communications to customers and members transitioning to new Bank of America HSA
Your customers' employees who currently have an HSA with Bancorp will need to open an account with Bank of America in order to access to the integrated features of the new HSA at ibxpress.com. Employers who choose to offer the Bank of America HSA will also need to take a few simple steps to complete the transition depending on whether or not they make pre-tax contributions into the HSA.

To help make this transition as smooth as possible, we will send a letter and FAQ to your customers who have members enrolled in qualified high-deductible health plans (HDHPs) and who also have an HSA with Bancorp to provide information on the change in advance of their renewal date. Customers renewing on January 1, 2014, will receive a mailing during the week of November 11. Customers with future renewals can expect the letter about two months before their renewal date. Your customers who elect to renew their qualified HDHPs will receive a second letter with detailed instructions on making employer contributions to the new Bank of America HSA and new administration capabilities.

Members who choose a qualified HDHP during open enrollment will receive a letter about one week to 10 days after processing with information about their HSA options, instructions on how to open an HSA with Bank of America, and how to consolidate funds from their existing Bancorp and new Bank of America accounts if they choose.

More value and added features make our spending accounts a smart choice
The industry leading capabilities of our new BlueSaver Health Account Solutions can help your customers maximize their savings and continue to provide their employees with high-quality, cost-effective coverage.

Our spending accounts do not have fees for set up or renewal or requirements for a monthly minimum balance. There is also no pre-funding required for HRA and FSA accounts, improving your customer's cash flow. Instead, employers pay for member expenses after they are reimbursed. Please refer to the chart below for pricing based on employer size:

BlueSaver Health Account Solutions administration fees*
Group size Single account
2 - 49 HRA or HSA fee included
51 - 249 $3.95
250 - 499   $3.85
500 - 999   $3.65
1,000 - 2,499   $3.45
2,500 - 4,999   $3.25
5,000 - 9,999   $3.05
10,000+   $2.85
*Fees are per account, per month (PAPM) and apply to HSA, HRA, and FSA only. FSAs are only available for groups of 100+ and count as one account combined (health and/or dependent care). The fee for external carrier files is $750 per file.

We look forward to sharing more information with you as your customers prepare for their renewal with IBC. If you have any questions, please contact your IBC account executive.

 

Independence Blue Cross
 
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1901 Market Street | Philadelphia, PA 19103

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Independence Blue Cross offers products directly, through its subsidiaries Keystone Health Plan East and QCC Insurance Company, and with Highmark Blue Shield. Independent licensees of the Blue Cross and Blue Shield Association.
 

 
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