According to a company announcement, the PPO coverage options will be offered by Blue Cross of California and its California affiliate, BC Life & Health Insurance Company. Additionally, the companion Health Reimbursement Arrangement (HRA) and Flexible Spending Account (FSA) administration will be offered by BC Life & Health Insurance Company.
The products will be available in late October and new programs will be effective January 1, 2003.
The Power HealthFund PPO offers a menu of the health care financing features. The product combines a high deductible PPO with a supplemental employer funded HRA, which is an annual fixed amount–or defined contribution–and an optional member-funded FSA.
The basic components of the Power HealthFund PPO include:
- a high deductible PPO ranging from $1,000 to $5,000
- an employer funded Health Reimbursement Arrangement (HRA)
- an employee funded Flexible Spending Account (FSA)
- web-based HRA and FSA personal account management tools
- consumer information.