BOISE, Idaho – Regence BlueShield of Idaho paid $525 million in medical care for its fully insured members in 2023, or $2,690 per member, according to unaudited figures filed today with the Idaho Department of Insurance. Regence continued to grow and ended 2023 serving more than 296,000 people, including self-funded and BlueCard® members.

On total revenue of $623 million, Regence had net income of 4%, which represents just 4 cents of every premium dollar received from members. This is in line with Regence’s annual net income over the past 10 years, which has averaged 3.7%. 2023 performance was primarily driven by strong member growth and stable underwriting results.

The company places net income in its 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.

“We’re proud of our deep Idaho roots and are steadfast in our commitment to provide nearly 300,000 of our neighbors with unsurpassed access to high-quality, affordable care,” said Mark Ruszczyk, president of Regence BlueShield of Idaho. “Our financial stability allows us to continue serving our members while helping improve health care across Idaho, just as we have for the past eight decades.”

Regence incurred $22.2 million in federal and state income taxes and fees in 2023. 

Community impact

Founded in 1946 in north-central Idaho, Regence and its affiliates employ more than 600 people in Boise, Lewiston, Pocatello and Coeur d’Alene, and the company is committed to investing in the communities it serves. Together with its corporate foundation and employees, Regence contributed $532,000 to benefit Idaho nonprofit organizations, and employees donated more than 2,100 volunteer hours in 2023.

About Regence BlueShield of Idaho

Regence BlueShield of Idaho, based in Lewiston, has served Idahoans for nearly 78 years and supports more than 296,000 people across the state. 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.comfacebook.com/regenceblueshieldofidaho or twitter.com/regenceidaho.