Anthem provides customers with COVID-19 relief through new cash assistance for its customers and communities. The company announced on Thursday that the relief, with a funding of 2.5 billion dollars will be in the form of premium credits that will waive copays, out-of-pocket costs for treatment, and community support. With over 14 Blue Cross Blue Shield plans across the US, Anthem hopes to help positively impact their customers.
Anthem provides customers with COVID-19 relief
Anthem provides customers with COVID-19 relief, as the company joins many others who have committed to responding in ways to help their clients. Delays to routine care and elective procedures resulted in lower volumes of health-care claims for the company’s affiliated plans, Anthem said. The company will provide a month worth of premium credit of between 10-15% to its members enrolled in certain individual plans as well as fully insured employer customers. Those in Anthems stand-alone and group dental plans will receive a 50% credit. Anthem users as well as employer customers can expect the premium credit in July. Anthem stated that the company is working with employer groups on special payment arrangements to help to continue providing insurance for employees during COVID-19.
Handling The Medical Loss Ratio
Relief that is coming from insurers for customers who have plans through the ACA exchange could help offset liabilities insurers incur through the ACA. Through reform healthcare laws in 2010 insurers must spend at least 80% of premiums on claims or improvements towards the quality of care called Medical Loss ratio. If insurers don’t meet that threshold, they must refund the difference to consumers. The rebates are based on claims data from the previous three years, and companies will likely file data on the rebates they owe for 2019 in July, Anthem spokeswoman Leslie Porras said. “It’s likely that we will issue MLR for some of our products, in select states but those rebates have not been finalized,” she said.
Anthem provides customers with COVID-19 relief as the list of insurers who are committed to helping grows! If you have Anthem clients be sure to share the good news! Do the carriers you represent have any COVID-19 relief assistance? Give us a call to find out!