CHICAGO, Oct. 5, 2020 /PRNewswire/ -- Health Care Service Corporation (HCSC) 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 $240 million in relief to fully insured employer customers in the form of a premium credit. The company has obtained all necessary approvals.
The premium credits are the latest relief action HCSC through its health plans have taken, totaling more than $930 million, in response to the global health crisis. The purpose of these actions are to lessen the financial hardships many may be experiencing. These include:
- Adjustments made to initial 2021 individual and group rates to provide further financial relief for group plans, individuals, and their families — delivering more than $305 million in savings
- Extensions of the waivers of cost sharing for telehealth services, COVID-19 testing and treatment — delivering approximately $385 million in savings for members and their families
"Our focus is first and foremost on our members, customers and the communities in which we serve. We believe taking action by providing additional support and financial relief is the right thing to do," said Maurice Smith, president and CEO, HCSC. "Our customers trust us to be good stewards of their premium dollars and ensure they have access to affordable, high-quality care. As part of our commitment, we are always seeking ways to support both the physical and financial health of our members during this unprecedented public health emergency."
In addition to these actions in response to the COVID-19 public health emergency, HCSC's health insurance plans recently issued rebates totaling more than $455 million to individuals and small groups this fall who were eligible under the MLR rebate consumer protection process under the Affordable Care Act relating to their 2019 coverage.
There continues to be uncertainty concerning health care spending and the impact of deferred care for the remainder of the year. The company 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. The premium credit and other relief actions are intended to continue to assist members and businesses across HCSC's five health plans, to help expand access to care, and to offer members some relief during this difficult time.
For the latest information on HCSC's response to the COVID-19 pandemic and other information and tips to stay healthy, please visit HCSC.com.
About Health Care Service Corporation
Health Care Service Corporation is the country's largest customer-owned health insurer and fifth largest health insurer overall, with nearly 16 million members in its health plans in Illinois, Montana, New Mexico, Oklahoma and Texas. A Mutual Legal Reserve Company, HCSC is an independent licensee of the Blue Cross and Blue Shield Association. For more information, please visit HCSC.com, visit our Facebook page or follow us on Twitter.
SOURCE Health Care Service Corporation