BOISE, Idaho – Regence BlueShield of Idaho paid $411 million in medical care for its fully insured members in 2022, or $2,356 per member, according to unaudited figures filed today with the Idaho Department of Insurance. Amid economic uncertainties and lingering pandemic-related challenges, Regence continued to grow and ended 2022 serving more than 273,000 people, including self-funded and BlueCard® members.
On total revenue of $498 million, Regence had net income of 4.2 percent, which represents just over four cents of every premium dollar received from members. For comparison, Regence’s annual net income over the past 10 years has averaged a more modest 3.5 percent. 2022 performance was primarily driven by strong member growth and stable underwriting results. Regence paid $29 million for COVID-19 tests and treatment in 2022 (including $14 million for fully insured claims) for 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 higher than expected medical costs.
“A top priority of Regence continues to be delivering market-leading solutions and service so our members can more easily access high-value, affordable care, in partnership with exceptional local providers,” said Mark Ruszczyk, president of Regence BlueShield of Idaho. “Our financial stability positions us well for uncertain economic times and allows us to maintain an unwavering focus on improving how people experience health care.”
Regence incurred $19.5 million in federal and state income taxes and fees in 2022.
Founded in 1946 in north-central Idaho, Regence and its affiliates employ nearly 550 people in Boise, Lewiston, Pocatello and Coeur d’Alene, driving more than $103 million in annual economic activity throughout the state, according to the 2020 ECONorthwest analysis. Additionally, Regence, together with its corporate foundation and employees, contributed $505,000 to benefit Idaho nonprofit organizations in 2022.
About Regence BlueShield of Idaho
Regence BlueShield of Idaho, based in Lewiston, has been serving Idahoans for more than 76 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.