BOISE, Idaho – Regence BlueShield of Idaho paid $392 million in medical care for its fully insured members in 2021, or $2,310 per member, according to unaudited figures filed today with the Idaho Department of Insurance.
Regence spent 86 cents of every premium dollar received from members for doctor visits, hospital care, medications, COVID-19 tests and treatment, and other health care goods and services for its members. Amidst the ongoing challenges of the pandemic, Regence continued to grow and ended 2021 serving more than 263,000 people, including self-funded and BlueCard® members.
On total revenue of $456 million, Regence had a net gain of 4.6 percent. For comparison, Regence’s annual net gain over the past 10 years has averaged a more modest 3.4 percent. 2021 results were primarily driven by positive investment returns. Regence paid $42 million for COVID-19 tests and treatment in 2021 (including $20 million for fully insured claims) at no out-of-pocket costs to members across Idaho.
Net income is placed in the company’s capital reserves to ensure stable health care coverage so Regence can continue to pay member claims. As a taxpaying nonprofit, this critical safety net is Regence’s only source of funds for investments, cyber defense, and paying for higher than expected medical costs.
“As a taxpaying nonprofit committed to serving Idahoans, we’ve maintained our focus on connecting our members to safe, effective and affordable care throughout the pandemic while also preserving financial stability on their behalf,” said Mark Ruszczyk, president of Regence BlueShield of Idaho. “For 2022, we’re continuing to invest in our local communities and forging new partnerships that will help power the future of health care in Idaho.”
Regence incurred $9.1 million in federal and state income taxes and fees in 2021.
Community impact
Founded in 1946 in north-central Idaho, Regence and its affiliates employ more than 550 people in Boise, Lewiston, Pocatello and Coeur d’Alene, driving more than $103 million in annual economic activity throughout the state, according to ECONorthwest. Additionally, Regence, together with its corporate foundation and employees, contributed more than $1.2 million to benefit Idaho nonprofit organizations in 2021.
About Regence BlueShield of Idaho
Regence BlueShield of Idaho, based in Lewiston, has been serving Idahoans for more than 75 years. As a taxpaying 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.