SEATTLE – Regence BlueShield paid $2.15 billion in health care for its fully insured members in 2024, or $4,495 per member, according to unaudited figures filed today with the Washington Office of the Insurance Commissioner.
The costs per member outpaced the 2024 inflation rate of 2.9%, representing an average increase of nearly 14% for doctor visits, hospital care, medications and treatment, 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 continued to grow and ended 2024 serving more than 1.5 million people, including self-funded and BlueCard® members.
Despite an operating loss of 2.4%, on total revenue of $2.41 billion, Regence had net income of 1.3% due to positive investment returns. The company’s capital reserves remain strong, ensuring stable health care coverage and the ability to pay member claims.
“We're dedicated to breaking down barriers and making access to high-quality health care a reality for the 1.5 million Washingtonians who trust us with their care,” said Michael Cole, president of Regence BlueShield. “Our strong financial foundation allows us to innovate, adapt and deliver personalized experiences that meet the evolving needs of our members and customers.”
Regence incurred $28.5 million in federal and state income taxes and fees in 2024.
Community impact
Founded in 1917, Regence and its affiliated companies employ nearly 1,800 people across Washington, and the company is committed to investing in the communities it serves. Together with its corporate foundation and employees, Regence contributed more than $1.8 million to benefit Washington nonprofit organizations, and employees donated nearly 5,000 volunteer hours in 2024.
About Regence BlueShield
Regence BlueShield has been providing health care solutions to Washingtonians in select counties for more than a century. 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 nationwide experience health care. For more information, please visit regence.com or facebook.com/regenceblueshieldwa.