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Classified in: Health, Business, Covid-19 virus
Subject: CSR

Blue Cross Blue Shield of Massachusetts to Issue More Than $100 Million in Premium Relief to Insured Customers and Members


BOSTON, Aug. 5, 2020 /PRNewswire/ -- Blue Cross Blue Shield of Massachusetts ("Blue Cross") announced today that it will return $101 million in premium refunds and anticipated rebates to its customers and members as a result of lower than anticipated health care costs during the COVID-19 public health emergency. The refunds are in addition to the $116 million Blue Cross has invested to support its members, customers, clinical partners, and the community throughout the pandemic, bringing the company's COVID-related financial commitments to more than $217 million.

"Since many elective procedures and routine visits have been deferred during the pandemic, our medical costs during the second quarter were lower than we originally anticipated," said Andrew Dreyfus, president and CEO of Blue Cross. "We're giving money back to our customers and members to help provide financial relief during what we know is an incredibly challenging and uncertain time."

Credits will be applied in September and reflected on the next invoice for fully insured employer groups and members (including under-65 direct pay and Medex members) and will total 15% of their May 2020 medical premium. Before the end of the year, Medicare Advantage members will receive a one month "premium holiday" during which they will not be charged their monthly premium.

Blue Cross has taken significant steps to expand access to care throughout the duration of the COVID-19 public health emergency, including:

Additionally, Blue Cross and its Foundation have committed significant financial support to COVID-19 relief efforts, along with pro bono and in-kind support for a total community investment of nearly $10 million. These efforts included:

For more information on how Blue Cross is responding to the COVID-19 public health emergency, please click here.

About Blue Cross Blue Shield of Massachusetts
Blue Cross Blue Shield of Massachusetts (www.bluecrossma.com) is a community-focused, tax-paying, not-for-profit health plan headquartered in Boston. We are committed to the relentless pursuit of quality, affordable health care with an unparalleled consumer experience. Consistent with our promise to always put our members first, we are rated among the nation's best health plans for member satisfaction and quality. Connect with us on FacebookTwitterYouTube, and LinkedIn.

 

SOURCE Blue Cross Blue Shield of Massachusetts


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News published on 5 august 2020 at 12:01 and distributed by: