Results soar at Minnesota s 7 big health insurers as claims fall Settlements, delayed care for non-coronavirus issues shaped 2020 finances at nonprofit health plans. April 23, 2021 9:00am Text size Copy shortlink:
Legal settlements and delayed care amid the pandemic drove a surge in operating income last year for Minnesota s nonprofit health insurers.
The COVID-19 impact was widely noted last spring as a shutdown in elective procedures caused use of medical services to plummet. For the year, per-person medical care expenses declined by 2%, according to numbers this week from the Minnesota Council of Health Plans.
Less visible were financial settlements with the federal government related to the risk corridors program in the Affordable Care Act (ACA). Blue Cross and Blue Shield of Minnesota, in particular, received more than $200 million through its settlement, which covered a portion of
Council Releases 2020 Industry Financial Results
Plans provide more than $14 billion in medical care during volatile year
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ST. PAUL, Minn., April 1, 2021 /PRNewswire/ In a year marked by the uncertainty of the COVID-19 pandemic, Minnesota s seven nonprofit health plans focused on supporting the health and financial stability of more than 2.5 million enrollees. Last year, the plans paid more than $1.021 billion to their enrollees for insurance premium relief and cost-sharing waivers related to COVID-19 testing and inpatient treatment, the Minnesota of Council of Health Plans announced today.
Plans also reported a collective operating margin of 3.23% on revenue of $16.4 billion in 2020, largely the result of enrollees deferring medical care amid the pandemic. Meanwhile, overall medical expenses for Minnesotans rose 0.63% over 2019 to $14 billion, with pharmacy expenses up 13% year over year.
Minnesota Health Plans Extend Coverage for Those Impacted by COVID-19 mesabitribune.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mesabitribune.com Daily Mail and Mail on Sunday newspapers.