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Press Release

Independence Blue Cross, Blue Cross Blue Shield Association Announce Creation Of New Bank

Bank offers seamless financial support for health care spending

Philadelphia, PA - December 5, 2005 - Independence Blue Cross (IBC) has joined other Blue companies and the Blue Cross Blue Shield Association (BCBSA) to create a new Blue-branded bank that will give consumers greater financial options and control over their health care spending.

Blue Healthcare Bank will provide administrative and financial services to support IBC and other Blue Cross Blue Shield companies and their members who are enrolled in Consumer-Directed Health Plans (CDHPs) that include flexible spending accounts (FSAs), health savings accounts (HSAs) and health reimbursement accounts (HRAs). The move is in line with the Blues' vision of a seamless health care system that empowers the 70 million Blue members nationwide with the knowledge, information and tools they need to make better decisions about their health care.

The creation of Blue Healthcare Bank will strengthen the already in-depth support IBC provides its members who take an active role in their health care, including a suite of health management programs that provide health care information, and a portfolio of CDHPs that give members more financial control over health care spending.

IBC's CDHP portfolio - known as BlueSaverSM Health Account Solutions - includes BlueSaverSM Flexible Spending Accounts (FSAs), BlueSaverSM Health Reimbursement Accounts (HRAs), and BlueSaverSM Health Savings Accounts (HSAs) Solution. These plans allow members to use pre-tax dollars to help pay for deductibles, coinsurance and co-payments associated with their health care.

"We are committed to providing the tools and information our members need to be actively involved with their health care," said Joseph A. Frick, IBC President and CEO. "We give our members guidance on staying healthy, information about physicians and hospitals, and programs to help cope with chronic illnesses and critical health care decisions. Offering financial services and support through Blue Healthcare Bank is one more resource our members can use to make better health care decisions and to help their health care dollars go further."

"We're excited by the opportunity to join other Blue companies in this bank initiative," he added. "The bank will support our members who use our CDHPs through BlueSaverSM Health Account Solutions."

Offering financial support through the Blue-branded bank contributes to IBC's overall strategy of offering a broad portfolio of innovative, high quality, cost-effective health plans that include CDHPs, as well as Personal Choice and Keystone Health Plan East. Both recently earned the highest ratings from the National Committee for Quality Assurance.  In addition, Personal Choice was rated the No. 1 PPO in the nation and Keystone HMO was ranked the No. 1 HMO in the region by health care consumers in a leading independent consumer magazine.

In addition to the BlueSaverSM Health Account Solutions, IBC offers the Flex Series options that provide varying levels of member cost-sharing in a benefit plan tailored to members needs and the employer's budget.

IBC offers a wide array of consumer-focused programs to help members be more proactive in their health care. To provide the knowledge members need to make health care decisions, IBC offers ConnectionsSM Programs - health management programs that provide decision support, health coaching and educational resources to support members facing treatment decisions or everyday health concerns, and to encourage shared decision-making with their physicians. ConnectionsSM Programs also help members managing chronic conditions such as asthma and coronary artery disease, complex chronic conditions such as multiple sclerosis and Parkinson's disease, and end stage renal disease.

IBC also offers quality ratings of participating physicians and hospitals, patient safety data and hospital cost information on ibxpress.com to help members access the information needed to make informed decisions.

Initially, the services provided by Blue Healthcare Bank will include account setup and documentation, debit card administration, responding to member inquiries, account statements, web site access, overdraft protections and credit lines to help manage health care payments.

The bank will be a single source of information and payment that integrates members' benefits in one seamless financial support. This will minimize confusion and ensure prompt, accurate payment to physicians and hospitals.

The bank will be chartered as an industrial bank in the state of Utah and is scheduled to begin operations in July 2006.

According to the Blue Cross Blue Shield Association, 57 percent of employers nationwide say they are considering consumer-driven products.  Industry experts project total enrollment in consumer-driven products to eclipse 20 million by 2008.

Independence Blue Cross is the leading health insurer in Southeastern Pennsylvania. Nationwide, IBC and its affiliates provide coverage to nearly 3.4 million people. For more than 65 years, Independence Blue Cross has offered quality health care products and services tailored to meet the changing needs of members, employers, groups and providers.