Blue Shield Provides Refunds to Consumers
|October 13, 2011||Posted by Ashley Cohen under Blog||
In June 2011, Blue Shield pledge to limit its profits to 2% of revenue. Based on 2011 earnings, Blue Shield announced that they would be returning $295M to consumers in the form of premium credits.
Individual policyholders will be credited an average of $135, mid-large group policyholders (51+ employees) will be credited an average of $195-$230 and small group policyholders (2-50 employees) will be credited an average of $220. Self-funded groups and those covered under federal and state government contracts are not eligible for the credit.
Blue Shield will provide approximately $10M to California Hospitals to help them participate in Accountable Care Organizations (ACOs). They will also give back approximately $2M for future community investments.
Click here to read Blue Shield’s press release.