PORTLAND, Ore. – Regence BlueCross BlueShield of Oregon paid $2.8 billion in health care for its fully insured members in 2024, or $5,757 per member, according to unaudited figures filed today with the Oregon Division of Financial Regulation.
The costs per member for doctor visits, hospital care, medications and treatment, and other health care goods and services increased over 2023. Per member claims for comprehensive business (excluding the impact of reinsurance) increased by 8.5%, driven by provider unit cost inflation and rising use of high-cost specialty drugs. Additionally, Medicare Advantage per member claims increased 8.3%, driven by higher utilization and prescription drug costs. These increases are greater than historical norms. Regence maintained its strong membership and ended 2024 serving nearly 1 million people, including self-funded and BlueCard® members.
Despite an operating loss of 1.2%, on total revenue of $3.1 billion, Regence had a net income of 0.8% due to positive investment returns. The company’s capital reserves remain strong, ensuring stable health care coverage and the ability to pay member claims.
“As a leading health care organization in Oregon, we're committed to ensuring high-quality care is affordable and accessible for our nearly 1 million members,” said Michael Cole, president of Regence BlueCross BlueShield of Oregon. “Our financial stability is the backbone to our mission, enabling us to drive meaningful change, improve health outcomes, and make a lasting impact in the lives of Oregonians.”
Regence incurred approximately $59.6 million in federal and state income taxes and fees in 2024.
Community impact
Founded in 1941, Regence and its affiliated companies employ more than 3,300 people across Oregon, and the company is committed to investing in the communities it serves. Together with its corporate foundation and employees, Regence contributed more than $2.4 million to benefit Oregon nonprofit organizations, and employees donated nearly 6,700 volunteer hours in 2024.
About Regence BlueCross BlueShield of Oregon
Regence BlueCross BlueShield of Oregon, headquartered in Portland, has been serving Oregonians since 1941 and now provides nearly 990,000 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 nationwide experience health care. For more information, please visit regence.com, facebook.com/regencebluecrossblueshield.