RICHARDSON, Texas, Oct. 6, 2020 /PRNewswire/ -- Blue Cross and Blue Shield of Texas (BCBSTX) announced today that it will take further action to support its members, customers and communities during the COVID-19 public health emergency by providing approximately $104 million in relief to fully insured Texas employer customers in the form of a premium credit.
The premium credits are the latest relief action BCBSTX, its parent company Health Care Service Corporation (HCSC) and associated health plans have taken, totaling more than $930 million in response to the global health crisis. The purpose of these actions is to lessen the financial hardships many may be experiencing.
In addition to the premium credit, other relief steps taken by BCBSTX include:
- Adjustments made to initial 2021 individual and group rates to provide further financial relief for group plans, individuals and their families — delivering approximately $109 million in savings
- Extensions of the waivers of cost-sharing for telehealth services as well as COVID-19 testing and treatment — delivering approximately $181 million in savings for members and their families
"Providing meaningful support to our members, customers and the communities we serve in Texas has been our primary focus," said Jeff Tikkanen, Senior Vice President, HCSC Markets and interim BCBSTX president. "Supporting our customers through this public health crisis by providing additional support and financial relief is not only right, but a commitment we take seriously. In these critical times, we need to stand together to meet the needs of Texas families and our customers."
In addition to these actions in response to the COVID-19 crisis, BCBSTX recently issued rebates totaling approximately $250 million to individuals and small groups this fall who were eligible under the MLR rebate consumer protection process under the Affordable Care Act (ACA) relating to their 2019 coverage.
While there continues to be uncertainty concerning health care spending and the impact of deferred care for the remainder of the year, BCBSTX will continue to closely monitor the evolving health pandemic and health care claim trends to determine how best to support customers, communities and health care delivery partners in Texas.
The premium credit and other relief actions are intended to continue to assist members and businesses across Texas to help expand access to care and to offer members some relief during this difficult time.
About Blue Cross and Blue Shield of Texas
Blue Cross and Blue Shield of Texas (BCBSTX) – the only statewide, customer-owned health insurer in Texas – is the largest provider of health benefits in the state, working with nearly 80,000 physicians and healthcare practitioners, and 500 hospitals to serve more than 5 million members in all 254 counties. BCBSTX is a Division of Health Care Service Corporation (HCSC) (which operates Blue Cross and Blue Shield plans in Texas, Illinois, Montana, Oklahoma and New Mexico), the country's largest customer-owned health insurer, and fourth largest health insurer overall. Health Care Service Corporation is a Mutual Legal Reserve Company and an Independent Licensee of the Blue Cross and Blue Shield Association.
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SOURCE Blue Cross and Blue Shield of Texas