BOISE – According to unaudited figures filed March 1 with the Idaho Insurance Department, Regence BlueShield of Idaho’s 128,536 fully insured members had medical claims totaling $363.6 million in 2012, or $2,462 per member. Regence paid 79 cents of every premium dollar to pay those claims.
On a gross income of $460.5 million, Regence had a net gain of 3.3 percent. After paying claims, administrative costs and taxes, the net income of $15 million is placed in the company’s capital reserves. As a nonprofit, this is the health plan’s only source of funds for improvement, investment or payment of unforeseen medical costs.
“Our performance reflects our strong nonprofit values and commitment to long-term financial stability,” said Scott Kreiling, Regence BlueShield of Idaho president. “This stability is especially important to our members as we look to fuller implementation of the health care reform law in 2014.”
Although Regence is a nonprofit insurer, it is required to pay federal and state taxes, which totaled $10.4 million, including $5.7 million in premium tax and a $2.3 million assessment for the state's childhood immunization program.
Community impact. Regence employs more than 700 people in Boise, Lewiston, Pocatello, Twin Falls and Coeur d’Alene, driving more than $100 million in economic activity throughout the state every year, according to ECONorthwest.
About Regence BlueShield of Idaho
Regence BlueShield of Idaho is a leading health plan in Idaho with about 160,000 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 or www.twitter.com/RegenceIdaho.