About Blue Cross Blue Shield Health Insurance Plans
Blue Cross and Blue Shield insurance plans are types of health care insurance that can be purchased by individuals as well as employers. Coverage is available in all 50 states as well as the District of Columbia. There are many coverage options available that can be customized depending on what is required or needed for coverage. Plans are available for recent graduates, the self-employed or individuals that are losing an employer's group health insurance.
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Flexible Spending Account
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A flexible spending account is available for individuals to use money that has not yet been taxed to pay for specific types of medical- and health-related expenses. The funds for a flexible spending account are placed into the account from paychecks before taxes have been applied. The administrator for the flexible spending account is the Blue Healthcare Bank, which provides all of the maintenance and support for the account.
Health Maintenance Organization
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A Health Maintenance Organization, or HMO, is a system in which the financial and delivery risks are assumed by the healthcare system. Individuals enroll voluntarily into the system from a specific area or location, and are required to pay a fee that is fixed and prepaid. This type of system allows healthcare to be offered at a savings to individuals that belong to a specific health maintenance organization such as the Blue Cross Blue and Shield system.
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Health Savings Account
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A health savings account, or HSA, is a special tax-advantaged type of account that members can use. This means that contributions that are qualified and deposited into the account are tax-deductible. When funds are withdrawn for a qualified medical expense, they are not taxed. A health savings account is a good way to reduce the amount of taxes that are paid on money that is used for medical expenses.
Traditional Coverage
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Coverage for tradition insurance provides the most choices and control over the type of health care that is needed. Traditional insurance is also known as indemnity insurance, which means that services are provided for a fee. Any provider can be used, but increased benefits are offered to individuals who use a Blue Cross and Blue Shield participating provider.
Preferred Provider Organization
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A preferred provider organization, or PPO, is a healthcare benefit arrangement. This type of arrangement offers services at a reduced or discounted cost for members to use a hospital or visit a doctor who contracts with the PPO. Coverage is also provided for services that are performed by a provider who is not part of the network, though at a higher cost.
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