PHILADELPHIA, Sept. 9, 2020 /PRNewswire/ -- Independence Blue Cross (Independence) announces expanded financial support during the COVID-19 pandemic for the company's fully insured group employers. The insurer is offering medical and dental premium credits to fully insured employers, as well as providing premium rebates due to the effective management of medical costs. The premiums being returned to Independence employers total nearly $120 million. Independence is also extending payment options for certain fully insured employers.
"We recognize the mounting pressures many are facing due to the ongoing impacts of the COVID-19 pandemic. By providing premium credits, issuing rebates and providing payment flexibility, Independence is hoping to reduce some of the financial burdens our clients are experiencing," said Daniel J. Hilferty, Independence CEO.
The COVID-19 pandemic disrupted health care services for many people. Elective procedures and routine health services, like preventive screenings and dental cleanings, were delayed or canceled leading to a lower volume of health care claims for fully insured group employers. Most recently, health care claims submissions to the company have consistently increased and are currently returning to levels more typical to this time period.
- Independence will give its fully insured group employers a one-time premium credit in their September invoices totaling more than $35 million. The medical premium credit is calculated using member enrollment figures as of July 1, 2020. In addition, in partnership with United Concordia Dental (UCD), a one-time dental premium credit will be issued to fully insured, small group clients with Blue-branded stand-alone dental coverage and fully insured, large group, UCD-branded dental plan clients. The dental credit will be issued with September invoices.
- Independence will also be issuing premium rebates exceeding $84 million to many of these same customers due to the effective management of medical costs.
- Independence will extend its payment flexibility and continue to accept credit card payments from fully insured employers with up to 500 enrolled employees through September 30, 2020. Independence's credit card flexibility option was originally announced in April in tandem with the company's Deferred Payment Plan. The program provided an extended period for customers to pay their April or May invoice with no interest and no penalty.
In March at the start of the COVID-19 pandemic, Independence took steps to support the company's group employers, members, physicians, and the community at large. Details can be found by visiting:
About Independence Blue Cross
Independence Blue Cross is the leading health insurance organization in southeastern Pennsylvania. With our affiliates, we serve 8 million people nationwide. For more than 80 years, we have been enhancing the health and well-being of the people and communities we serve. We deliver innovative and competitively priced health care products and services; pioneer new ways to reward doctors, hospitals, and other health care professionals for coordinated, quality care; and support programs and events that promote wellness. To learn more, visit www.ibx.com. Connect with us on Facebook at facebook.com/ibx and on Twitter at @ibx. Independence Blue Cross is an independent licensee of the Blue Cross and Blue Shield Association.
SOURCE Independence Blue Cross