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Blue Shield CA To Return $50 Million In Premium Credit

Blue Shield of California has announced that the insurer will return $50 million in premium credits for the 2012 2% Pledge.  

From the Blue Shield web site:

As a not-for-profit health plan dedicated to providing access to quality health care at an affordable price for all Californians, Blue Shield of California believes health care is a fundamental right. But access to care will only be achieved if coverage is affordable.

That's why we made this pledge: if we earn net income of more than 2% of revenue in any year, we will give back the difference to our customers and the community. Blue Shield is committed to the 2% Pledge, as long as our board of directors determines that the company remains financially solvent, with sufficient funds to make the investments needed to stay competitive.

To date, Blue Shield has returned more than $470 million to customers and the community to offset net income earned above the 2% threshold in 2010 and 2011.

In 2012, Blue Shield will again fulfill our 2% Pledge commitment and will return $50 million to our customers. The funds will be returned to eligible customers in the form of credits on their billing statement for December 2012 dues/premium.
The 2% Pledge credits will be returned as follows:
  • Fully insured individual plan (including Medicare Supplement) and group customers will receive a 9% credit on one month's dues/premium
  • Customers with whom we share risk with will receive a 3% credit on one month's dues/premium
  • Self-funded groups are not eligible for the credit, nor are persons covered under certain federal and state government contracts that don’t provide a way to give credits
Customers will be sent a letter notifying them of their credit amount, which is based on their August 2012 dues/premium. Customers must have coverage in effect from August 1, 2012 through December 31, 2012 to receive the credit.



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