Horizon Blue Cross Blue Shield of New Jersey (Horizon BCBSNJ) announced today that rebate checks averaging $423 have been sent to nearly 155,000 members who purchased an individual policy from the company in 2015. More than 32,000 small group members will also be getting a rebate on their 2015 premiums by the end of the year. Horizon will rebate a total of $70.9 million.
The rebate is due, in part, to Horizon’s work with doctors, hospitals and pharmacies to control medical costs and in compliance with medical loss ratio (MLR) requirements established by State law. Those MLR standards ensure that health insurance companies spend at least 80% of premium dollars on claims. The rebate checks are based on annual determinations.
“New Jersey is the second most expensive state in the nation when it comes to the cost of health care. Controlling those costs is essential to ensuring that New Jerseyans can obtain high quality, affordable coverage. When we succeed at controlling costs, our members benefit not just through lower out-of-pocket costs, but through reduced premiums and rebates like this,” said Michael J. Considine, Vice President, Consumer, Midsize, and Small Group Markets for Horizon BCBSNJ. “Horizon is working to transform our health care system by collaborating with doctors, hospitals, and others to make it more patient-centered, more coordinated, and less costly. We’re pleased that our efforts have enabled us to send some of our members a rebate for 2015.”
In the Small Market Groups, 31,000 rebate checks totaling about $2.4 million will be sent out to Horizon BCBSNJ non-HMO members. The average check will be $77. Over 700 rebate checks totaling almost $2.9 million will be mailed to Horizon Healthcare of New Jersey HMO members. The average check will be $4,103. Those members will get their rebate checks before year end.Related Articles: