If you are insured individually through the marketplace or have health insurance coverage through your employers group health plan, you know to expect increases from year to year. Medical expense increases continue to outpace the rate of inflation leaving health plans no alternative but to increase rates.
Given past increases, we were excited to read the recent article by Gwendolyn Wu, in the October 6, 2020 edition of the Houston Chronicle, Blue Cross Blue Shield of Texas to lower 2021 premiums, issue credits to employer health plans, (CLICK HERE FOR THE FULL ARTICLE).
Yes, you read this correctly…… Blue Cross Blue Shield of Texas will provide $104 million in premium credits to eligible existing fully insured employer groups. Blue Cross released the following statement:
“Blue Cross and Blue Shield of Texas (BCBSTX) has announced premium credits to eligible existing fully insured customers. We’re providing about $104 million to fully insured employer customers to further support you during the COVID-19 pandemic.
We’re providing two different credits on November Customer Statements that reflect a percentage of October premium, based on benefit plan coverage and contract size:
- 15% of medical premium for all fully insured group segments, regardless of size
- 50% of dental premium only for those fully insured customers who have 51+ active dental contracts and offer BlueCare DentalSM coverage through BCBSTX
The company has obtained all necessary approvals.”
If you are a client of ABM Insurance & Benefit Services, Inc. you will receive updates regarding the credits as soon as they are announced / released. We hare happy to share this news and look forward to helping more clients obtain affordable health insurance coverage in 2021. If you have any questions, call our office at 800-362-2809 or obtain a quote by CLICKING HERE
ABM Insurance & Benefit Services Inc. is an independent insurance agency that specializes with Employee Benefit & Welfare Plans. From Human Resources to Compliance, ABM has technology and tools to assist any group provide cost effective Employee Benefit Plans that will attract and retain the top talent in your industry. Call Mike Alexander Jr. at 800-362-2809.