Blue Cross and Blue Shield of Oklahoma to issue $20M in premium relief
TULSA – Blue Cross and Blue Shield of Oklahoma announced on Oct. 6 it will take further action to support its members, customers and communities during the COVID-19 public health emergency by providing approximately $20 million in relief to fully insured employer customers in the form of a premium credit.
The company has worked with regulators to obtain necessary approvals.
BCBSOK officials said the premium credits are the latest relief action in response to the global health crisis to help lessen the financial hardships Oklahomans may be experiencing.
• Adjustments made to initial 2021 individual and group rates to provide further financial relief for group plans, individuals, and their families – delivering approximately $52 million in savings.
• Extending the waivers of cost sharing for telehealth services as well as COVID-19 testing and treatment – delivering approximately $34 million in savings for members and their families.
“Our absolute focus is on our members and the communities we serve, and providing additional support and financial relief is the right thing to do,” Dr. Joseph Cunningham, BCBSOK president said. “Our members trust us to be good stewards of their premium dollars and ensure they have access to affordable, high-quality care. As part of our commitment, we are finding ways to help support both the physical and financial health of our members during this unprecedented public health emergency.”
In addition to these actions, BCBSOK recently issued rebates to individuals and small groups who were eligible under the MLR rebate consumer protection process under the Affordable Care Act relating to their 2019 coverage.
BCBSOK officials said they would continue to monitor the evolving health pandemic and health care claim trends to evaluate and determine how best to support customers, communities and health care delivery partners. The premium credit and other relief actions are intended to continue to assist members and businesses across Oklahoma, to help expand access to care in the state, and to offer members some relief during this difficult time.
For more information on BCBSOK’s response to the pandemic and for tips to stay healthy, visit bcbsok.com