SALT LAKE CITY – Regence BlueCross BlueShield of Utah paid $1.28 billion in health care for its fully insured members in 2024, or $6,054 per member, according to unaudited figures filed today with the Utah Insurance Department.
The costs per member represent an average increase of nearly 8.6% (excluding the impacts from reinsurance) for doctor visits, hospital care, medications and treatments, and other health care goods and services. The rise in member claims is primarily driven by significant increases in the costs of prescription drugs and medical care, including contract negotiations with providers. Regence grew its membership and ended 2024 serving more than 730,000 people, including self-funded and BlueCard® members.
Despite an operating loss of 0.4%, on total revenue of $1.4 billion, Regence had a net income of 1.8% due to positive investment returns. The company’s capital reserves remain strong, ensuring stable health care coverage and the ability to pay member claims.
“At Regence, we're driven by a shared purpose to empower Utahns with access to high-quality, affordable health care that transforms lives,” said Jim Guemple, president of Regence BlueCross BlueShield of Utah. “Our financial stability is the foundation that drives innovative and long-term solutions and helps deliver exceptional care that meets the needs of our members and the communities we serve.”
Regence incurred $3 million in federal and state income taxes and fees in 2024.
Community impact
Founded in 1944, Regence and its affiliated companies employ nearly 450 people in Utah, and the company is committed to investing in the communities it serves. Together with its corporate foundation and employees, Regence contributed nearly $720,000 to benefit Utah nonprofit organizations, and employees donated more than 1,400 volunteer hours in 2024.
About Regence BlueCross BlueShield of Utah
Based in Salt Lake City, Regence BlueCross BlueShield of Utah is the state’s first health insurer and now provides more than 730,000 people with comprehensive health insurance solutions. As a taxpaying nonprofit 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 Utah and nationwide experience health care. For more information, please visit regence.com or Facebook.