Mar 18, 2021

BCBSRI releases 2020 financials

Blue Cross & Blue Shield of Rhode Island (BCBSRI) announced its 2020 financial results, reporting an after-tax net gain of $42 million. The results were ahead of company projections and were driven by an acceleration of the federal tax refund, strong enrollment in Medicare and self-funded products, investment income from the reserve portfolio and lower-than-expected medical claims during the first half of the year as members deferred non-COVID-19-related care. Claims volume returned to near normal levels in the third and fourth quarters. Due to the reduction in claims in 2020, BCBSRI created a premium relief program and returned nearly $30 million to medical and dental customers, as well as more than $10 million to providers to support their work during the pandemic.

BCBSRI also contributed $10 million to its philanthropy fund at the Rhode Island Foundation, the source of much of the company’s community investment, including BlueAngel Community Health grants focused on safe and affordable housing.