PORTLAND - Regence BlueCross BlueShield of Oregon more than met the federal requirement for spending on medical care for 99.5 percent of its policy holders, according to data filed with the U.S. Department of Health and Human Services (HHS).
For Oregon members buying their own insurance, more than 93.7 percent of premium went to pay for medical care. Medical spending for small and large groups was 83.4 and 88.4 percent of premium, respectively. Medical spending fell short of projections, at 72.3 percent, for a small pool of individual members in Clark County, Washington who buy their own insurance.
The Affordable Care Act sets standards for spending on care, called the medical loss ratio (MLR). Health insurers must spend 80 percent of premium on medical care for individual and small group pools and 85 percent for large group pools, or issue a rebate. Insurers file MLR figures with HHS by June 1 annually.
Clark County individual members will receive rebate checks in July averaging $456 per policyholder, or less than one-tenth of one percent of the company’s total premium collected for 2013.
“Our goal is to set premium that just about breaks even on paying members’ care and our cost of doing business on their behalf,” said Angela Dowling, president of Regence BlueCross BlueShield of Oregon. “Our performance shows we achieved that goal for more than 99 percent of members. This is in keeping with our nonprofit values.”
Find out more about the company’s operations, community involvement and financial performance in the Regence BlueCross BlueShield of Oregon annual overview.
About Regence BlueCross BlueShield of Oregon
Regence BlueCross BlueShield of Oregon is a leading health plan in Oregon, with nearly 750,000 members, offering health, life and dental insurance. Regence BlueCross BlueShield of Oregon is a nonprofit independent licensee of the Blue Cross and Blue Shield Association, and is affiliated with Regence BlueShield of Idaho, Regence BlueCross BlueShield of Utah and Regence BlueShield (selected counties in Washington). Together, the companies serve more than two million members in the Northwest/Intermountain Region. The Regence affiliated companies are committed to improving the health of its members and communities, and to transforming the health care system. For more information, please visit www.regence.com or www.twitter.com/RegenceOregon.
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