Regence BlueShield reports 2013 medical spending figures
SEATTLE - Regence BlueShield more than met the federal minimum for spending on medical care, according to data filed with the U.S. Department of Health and Human Services (HHS).
Members paying for their own health insurance received exceptional value, as 88.0 percent of their premium went to pay for their care. Medical spending for small and large groups was 82.8 and 87.6 percent, respectively.
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.
“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 Don Antonucci, president of Regence BlueShield. “This is in keeping with our nonprofit values. Our results show we achieved that goal.”
Find out more about the company’s operations, community involvement and financial performance in the Regence BlueShield annual overview.
About Regence BlueShield
Regence BlueShield is a leading health plan in Washington with nearly one million members, offering health, life and dental insurance. Regence BlueShield 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 BlueCross BlueShield of Utah. 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/RegenceWA.
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