Regence BlueShield of Idaho reports 2013 medical spending figures
BOISE – Regence BlueShield of Idaho 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).
Medical spending for Idahoans who buy their own Regence insurance was 84.6 percent, and 89.5 percent for large groups but fell short of projections for small groups at 78.7 percent.
The Affordable Care Act set 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 on premium. Insurers file MLR figures with HHS by June 1 annually.
Rebate checks will be mailed in July to Idaho small group policyholders, averaging $84 per covered employee. The rebate amounts to less than three-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 Scott Kreiling, president of Regence BlueShield of Idaho. “This is in keeping with our nonprofit values. Our performance shows we were very close to meeting that goal overall.”
Find out more information about the company’s operations, community involvement and financial performance in the Regence BlueShield of Idaho annual overview.
About Regence BlueShield of Idaho
Regence BlueShield of Idaho is a leading health plan in Idaho with more than 150,000 members, offering health, life and dental insurance. Regence BlueShield of Idaho is a nonprofit mutual insurance company and an independent licensee of the Blue Cross and Blue Shield Association. Regence BlueShield of Idaho is affiliated with Regence BlueCross BlueShield of Oregon, 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 orwww.twitter.com/RegenceIdaho.
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