As the pandemic continues to disrupt everyday life the world over, some insurers are returning funds to their customers.
Blue Cross Blue Shield of Michigan and Blue Care Network plan to give back over $100 million to fully insured clients in 2020, according to an announcement.
The move comes amid interruptions in “previously anticipated health care services” brought about by the pandemic, according to the announcement.
BCBSM President & CEO Daniel J. Loepp said in the announcement, “We’ve been proactive in addressing the pandemic, providing no-cost benefits for members and advancing millions of dollars to care providers. Now we can return money to our customers and members.”
There are still many unknowns about how healthcare spending will trend in 2020, but Loepp said, that “at this point in the pandemic, we’re confident in premiums exceeding claims for the year — so we are starting to give money back to our customers.”
The reimbursements come on top of $494 million that the firm says it has put toward growing the availability of member “no-cost benefits” and to help health providers in response to the pandemic.
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