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Horizon Blue Cross Blue Shield of New Jersey Offering Enhanced Consumer Directed Health Care Products

Posted on: Monday, 1 August 2005, 12:01 CDT

NEWARK, N.J., Aug. 1 /PRNewswire/ -- Horizon Blue Cross Blue Shield of New Jersey (Horizon BCBSNJ) today announced its plans to offer a number of enhanced consumer-directed health care products (CDH). Customers will be able to sign up for the enhanced Horizon MyWay HSA and Horizon MyWay HRA plans beginning in August for use starting October 1, 2005.

Horizon MyWay HRA will provide a high-deductible health plan accompanied by a health reimbursement arrangement (HRA). HRAs are employer funded and controlled accounts that employees can use for qualified medical expenses, including deductibles.

Horizon MyWay HSA plans will provide a high-deductible health plan accompanied by a health savings account (HSA). Similar to a 401(k), HSAs are employee-owned accounts in which the employer and employee can contribute funds that can be used for qualified medical expenses or saved for future needs. HSAs, unlike HRAs, belong to the employees and are portable if they change employers.

"Horizon Blue Cross Blue Shield of New Jersey has offered CDH products since 2004 and became the first health insurer in the state to offer a CDH product linked to an HSA in January of this year" said Robert A. Marino, senior vice president of market business units for Horizon BCBSNJ. "We are seeing growing interest from both large and small employers for consumer-directed health plans. Employers are looking for more affordable health care options and want employees to take greater responsibility for their health care decisions. We remain focused on providing products that meet their needs."

Horizon BCBSNJ has made a major commitment to its next generation Horizon MyWay plans. "We recognize that the market is evolving and we need to continue to innovate as an industry leader," Marino explained.

Horizon BCBSNJ has enhanced its internal capabilities and also partnered with well-known providers of health information, technology, and financial services. "We selected partners with proven expertise to give our customers access to the best resources and support. As always, our customers will also benefit from the security of knowing their health plan is from Horizon Blue Cross Blue Shield of New Jersey," added Marino.

Horizon BCBSNJ has partnered with a number of industry leaders including: -- Quality Care Solutions, Inc. (QCSI(R)) to utilize their MyHealthBank application for administration of health benefits and accounts; -- Affiliated Computer Services, Inc. (ACS) /Mellon Financial Corporation (Mellon) our preferred banking partner and HSA custodian; -- WebMD for online health information and decision support tools; -- Evolution Benefits for convenient debit card access to health accounts.

The ability to save for future health care needs is an important aspect of CDH products, particularly those utilizing health savings accounts. Through Horizon BCBSNJ's partnership with ACS / Mellon, Horizon MyWay HSA customers will have access to FDIC-insured accounts with no transaction fees, 2% interest rate, and the ability to invest in mutual funds.

Horizon MyWay HRA plans will be available to employers with 51 employees or more and Horizon MyWay HSA plans will be available to employers with two or more employees.

Horizon Blue Cross Blue Shield of New Jersey, with headquarters in Newark, is New Jersey's largest health insurer providing coverage to more that 3.1 million people. Horizon BCBSNJ's company Web site is located at http://www.horizonblue.com/. Horizon BCBSNJ is an independent licensee of the Blue Cross and Blue Shield Association.

Horizon Blue Cross Blue Shield of New Jersey

CONTACT: Tom Rubino of Horizon Blue Cross Blue Shield of New Jersey,+1-973-466-8755, or trubino@horizonblue.com

Web site: http://www.horizonblue.com/

Source: PRNewswire

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