Regence BlueCross BlueShield of Utah reports 2013 medical spending figures
SALT LAKE CITY – Regence BlueCross BlueShield of Utah more than met the federal requirement for spending on medical care in 2013 for large group and individual members, according to data filed with the U.S. Department of Health and Human Services (HHS).
Utahns who buy their own Regence insurance received exceptional value, as 83.3 percent of premium went to pay for medical care. Medical spending for large groups was 93.6 percent, but fell short of projections for small groups, at 79.0 percent.
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.
Rebate checks will be mailed in July to Utah small group policyholders, averaging $92 per covered employee. The rebate amounts to less than two-tenths of one percent of the company’s total premium collected in 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 Jennifer Danielson, president of Regence BlueCross BlueShield of Utah. “This is in keeping with our nonprofit values. Our performance shows we were very close to meeting that goal overall.”
Find out more about the company’s operations, community involvement and financial performance in the Regence BlueCross BlueShield of Utah annual overview.
About Regence BlueCross BlueShield of Utah
Regence BlueCross BlueShield of Utah is a leading health plan in Utah, with more than 460,000 members, offering health, life and dental insurance. Regence BlueCross BlueShield of Utah 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 Oregon 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.
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