BOISE, Idaho – Regence BlueShield of Idaho paid $337 million in medical care for its fully insured members in 2019, or $2,091 per member, according to unaudited figures filed March 2 with the Idaho Department of Insurance.
Regence spent nearly 83 cents of every premium dollar received from members for doctor visits, hospital care, medications and other health care goods and services. Regence’s total membership stood at more than 151,000 members at year end, including self-funded and BlueCard® members.
On total revenue of $408 million, Regence Idaho had a net gain of 5.1 percent, or around five cents per premium dollar. This net income was driven by operational efficiencies and an increase in investment income over 2018. Over the past 10 years, Regence’s net gain has averaged 2.5 percent.
Net income is placed in the company’s capital reserves to ensure stable health care coverage for its total enrollment. Capital reserves serve as a critical safety net for members, so Regence can pay member claims. As a tax-paying nonprofit, this is Regence’s only source of funds for improvements, investments, cyber defense, and paying for higher than expected medical costs such as high-cost specialty drugs or claims during a public health crisis.
“Regence’s strong financial results ensure that we can continue to serve our members and communities, just as we’ve done for more than 70 years, while investing in innovations that will power the future of health care for Idaho,” said Sean Robbins, president of Regence BlueShield of Idaho.
Regence incurred $16.4 million in federal and state income taxes and fees in 2019.
Founded in 1946 in north-central Idaho, Regence employs more than 600 people in Boise, Lewiston, Pocatello and Coeur d’Alene, driving more than $68 million in annual economic activity throughout the state, according to ECONorthwest. Additionally, Regence and its Idaho employees contributed more than $793,000 to benefit 333 different nonprofit organizations in 2019.
About Regence BlueShield of Idaho
Regence BlueShield of Idaho, based in Lewiston, has been serving Idahoans for 74 years. As a tax-paying nonprofit mutual insurance company and independent licensee of the Blue Cross and Blue Shield Association, Regence is part of a family of companies dedicated to transforming health care by delivering innovative products and services that change the way consumers in Idaho and nationwide experience health care. For more information, please visit regence.com, facebook.com/regenceblueshieldofidaho or twitter.com/regenceidaho.