PROVIDENCE – Blue Cross & Blue Shield of Rhode Island will be issuing a medical premium credit to members due to a reduced demand for health care services during the COVID-19 pandemic, the insurer announced on Tuesday.
The company has requested approval to issue a 10% premium credit for fully insured members for two months, which would total $13.8 million in credits. The credit will apply to large group and small group employers, as well as to individuals who purchased insurance through BCBSRI or HealthSource RI.
The proposed credit is subject to approval by the Office of the Health Insurance Commissioner. OHIC spokesman Cory King said OHIC will review the methodology and proposed application of the credit to verify its appropriateness and fair application.
Customers that purchased insurance through Blue Cross will receive a credit on their September premium bill for the months of March and April 2020, while those that purchased insurance through HealthSource RI will receive a refund check.
“COVID-19 has had an unprecedented impact on health care delivery this year. Our members have not been able to access the volume of care we anticipated when setting their monthly premiums,” said Kim A. Keck, Blue Cross president and CEO. “We believe that returning the premium to our customers is the right response and will provide critical relief to Rhode Island businesses and individuals at a time when they need it most.”
The company announced a three-month, 25% dental premium credit to members on June 8.
King told PBN on Tuesday that OHIC has also received other premium credit filings, including from dental carriers.
Chris Bergenheim is PBN web editor. You may reach him at Bergenheim@PBN.com.
