Excellus BCBS to Issue Nearly $18 M in Premium Credits to Employers
Large companies might anticipate higher health premiums during a pandemic. But one Upstate not-for-profit insurance company says it’s about to issue $17.6 million in medical premium refund credits from this spring. Excellus Blue Cross Blue Shield Senior VP of Strategy and Performance Todd Muscatello says the company wants to ensure that programs remain affordable.
“The lockdown, if you will, of upstate New York that occurred when everything happened earlier this year caused elective surgeries and elective care in general to decrease a pretty good amount. That is being reflected here in what we’re trying to do and in returning a portion of the premium.”
Approximately 700 large employers that are clients of Excellus will notice a credit on their December invoice for the month of April. Those invoices are typically sent out in November.
“What we tried to do here is what we believe is in the best interest of the community considering everything that’s going on. So, will they be surprised? I hope not. I hope this is what they’d expect of somebody like us who has been around in the upstate communities for about 80 years.”
Muscatello adds that the health insurance company is doing whatever it can to help the community by supporting area food banks. The company has also instituted policies to ensure telemedicine visits are covered in full, if patients don’t want to go to their doctor’s offices because of concerns over COVID-19.