BCBSNC Launches New HSA Product

December 2, 2004 (PLANSPONSOR.com) - Blue Cross and Blue Shield of North Carolina (BCBSNC) has announced the launch of a health savings account (HSA) product in tandem with Mellon Financial Corporation's Human Resources & Investor Solutions (HR&IS).

The product, called HSA Blue, consists of a high-deductible health plan (HDHP) offered by BCBSNC and a HSA administered by Mellon.

HSA Blue will offer consumers a high-deductible Blue Options PPO plan. In combination with this, clients can invest money in an interest-bearing account with Mellon which is to be used for qualified medical expenses. The product will be available January 1, 2005, the day that HSAs take effect.

Clients will also receive checks and a debit card on which they can draw funds from the HSA.

BCBSNC ( www.bcbsnc.com ) offers health care products to over 3 million members. Mellon HR&IS ( www.mellon.com ) is a human resources and shareholder services business.