It looks like the Blue Cross Blue Shield Association has lost its stomach for the health savings account business. BCBSA has announced that it's decided to sell Blue Healthcare Bank, which was organized in 2006 to sell health savings accounts to Blue Cross and/or Blue Shield members in qualifying health plans.
The bank received its federal charter in 2007. Two years later, its selling the HSA-driven bank, though the bank denies it's lost interest in consumer-directed healthcare. Consultants note that the bank may simply be responding to the economy, which has made it hard for financial organizations of all stripes to attract depositors and has been expensive to maintain.
Nonetheless, it seems likely that the sale is a sign of the times as well, as the HSA model is out of favor now that Democrats control the White House and Congress. HSAs and CDHPs were children of the Bush administration and Republicans.
To learn more about BCBSA's plans:
- read this Health Leaders Media article
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