BC/BS Minnesota Offers HSA with SDBA

December 1, 2004 (PLANSPONSOR.com) - Blue Cross and Blue Shield of Minnesota has announced a health saving account (HSA) product allowing consumers to invest some of their HSA assets in a variety of mutual funds.

A news release said the new HSA product is available in Minnesota only in health savings accounts offered with Blue Cross and Blue Shield of Minnesota’s health plans.

Providing the investment opportunities is the Charles Schwab Trust Company, which offers a self-directed brokerage account, as well as 10 mutual funds from the Schwab OneSource mutual fund program selected by Devenir, a registered investment advisor.

Once the balance invested in the 10 mutual funds reaches a certain level, the member can open a self-directed brokerage account with Schwab, according to the announcement. The self-directed account option is a self-managed account that provides access to more than 2,500 mutual funds, as well as individual stocks, bonds, and other investments.

Schwab also provides a variety of online tools and resources to guide consumers through the investment process.

For more information about Blue Cross and Blue Shield of Minnesota’s consumer-directed health plan offerings, go to: http://www.bluecrossmn.com/public/optionsblue/public/whatis.html .