Displaying items tagged: Blue Cross Blue Shield of Michigan
Michigan health insurers keeping preventative care coverage despite Texas court ruling
Priority Health and several other health plans in Michigan intend to maintain full coverage for preventative care for now.
Blue Cross Blue Shield proposes scaled-back 1% rate increase for small business plans
Blue Cross Blue Shield of Michigan wants to scale back a planned rate increase for small businesses that renew their employee health policies in the latter half of the year.
Health insurers worry ‘miracle treatments’ will drive up coverage costs
An emerging new generation of cell and gene therapies has insurers concerned about the effect on the cost of health coverage.
Priority Health nearly tripled earnings in 2022, bucking industry trends
GRAND RAPIDS — Priority Health nearly tripled earnings in 2022, although how that may affect upcoming rate proposals for next year is unclear for now.
Blue Cross reports $777 million loss for 2022 amid rising costs, poor portfolio performance
Blue Cross Blue Shield of Michigan reported Wednesday a net loss of $777 million in 2022 due to rising operating costs, losses from its market portfolio and ongoing COVID-19 response.
Health plan expands care network to West Michigan with new Corewell Health contract
‘Time will tell’ whether new Sparrow contract boosts Priority Health’s Lansing market share
The new contract with Sparrow Health System provides an opportunity for Priority Health to carve out a much larger presence in the Lansing-area market, although growth may not come easily.
Blue Cross Blue Shield signs 7-year lease extension in downtown GR
GRAND RAPIDS — Blue Cross Blue Shield of Michigan has signed a seven-year lease renewal for its downtown Grand Rapids headquarters, providing a sign of confidence amid widespread uncertainty in downtown commercial office space.
PASSING MUSTER: Insurers control destiny of medical innovators like BAMF Health
GRAND RAPIDS — The advanced medical technology behind BAMF Health Inc.’s new Grand Rapids clinic offers great promise in diagnosing and treating cancer.
Individual health insurance costs would increase 6.2% on average under proposals
Individuals who buy their own health insurance would pay an average of 6.2 percent more for coverage next year under insurance carriers’ recent rate filings with state regulators.
New state law aims to boost competition for health insurance as large employers seek coverage for workers
Gov. Gretchen Whitmer has signed legislation that is designed to better enable large employers to bid out their employee health coverage.
MiBiz Growth Report: June 6, 2022
Here is the MiBiz Growth report for June 6, 2022:
Major insurers seek 2023 rate increases; small businesses see ‘rough few years’
Michigan’s two largest health insurers again seek to raise small business rates for 2023 as medical claims rise and pandemic-related costs are considered for the first time.
‘A BIG DEAL’: Backed by Michigan investors, generic drug maker aims to disrupt insulin market
Legislation proposed in Congress would cap customers’ monthly out-of-pocket cost for insulin at $35, an idea President Joe Biden supported in his recent State of the Union address.
Health insurers prepare to shift course, factor COVID costs into rates
Costs to test, treat and vaccinate members for COVID-19 drove sharp earnings declines last year for Priority Health and Blue Cross Blue Shield of Michigan, and both intend to work ongoing pandemic-related expenses into their rate requests for next year.
Blue Cross Blue Shield spent $860M on COVID-related claims in 2021; future costs to be factored into rates
The high cost of medical claims tied to the COVID-19 pandemic drove Blue Cross Blue Shield of Michigan to a loss in 2021 on its core health insurance business.
Spectrum-Beaumont merger creates SE Mich. market share opportunity for Priority Health
The recent merger between Spectrum Health and Beaumont Health creates the potential for Priority Health to make deeper inroads in the Southeast Michigan health insurance market.
Future health care costs in focus as Spectrum, Beaumont finalize merger
The new health system that Spectrum Health and Beaumont Health plan to launch Tuesday will have considerable market clout in the Michigan health care market, raising concerns about the potential effect on costs.
Report: Michigan ranks nearly last in U.S. for health insurance competition
Michigan now ranks as the second-least competitive market in the nation for health coverage, a status that stems from Blue Cross Blue Shield of Michigan’s long-held position as the leading insurer in the state.
Blue Cross Blue Shield invests in Evio Pharmacy Solutions to drive prescription affordability
Blue Cross Blue Shield of Michigan joined four other Blues plans across the U.S. to form a new venture that seeks to reduce the high cost of prescription drugs.
Employers embrace more flexible workplaces as in-person restrictions lift
The lifting of Michigan’s in-person work restrictions is a light at the end of the tunnel for remote workers eager to get back to the office, while others are hoping flexible work settings will stick long term.
Health insurers face ongoing pandemic complexities when setting future rates
Small businesses can expect larger increases in their health insurance premiums in 2022 than in recent years, even without costs associated with responding to the COVID-19 pandemic figured into the equation.
MiBiz Growth Report: April 25, 2021
Here is the MiBiz Growth Report for April 25, 2021.
Trade group looks to extend affordable health plans to craft brewers, distilleries, wineries
A health plan that for years has provided coverage for employees at beer and wine wholesalers in Michigan now looks to offer the same benefits to craft brewers, distilleries and wineries across the state, providing a potential lower-cost option to consider.
MiBiz Growth Report: March 28, 2021
Here's the MiBiz Growth Report for March 28, 2021.
Blue Cross rate adjustments to minimize cost increases for small business customers
Small business clients of Blue Cross Blue Shield of Michigan that renew their health policies in the second half of the year will see small rate increases of less than 2 percent.
Priority Health, Blue Cross earnings highlight volatile 2020 for health insurers
The yearlong COVID-19 pandemic drove down earnings last year at West Michigan’s major health insurance providers.
Telehealth will ‘stick,’ but many questions about vaccine, deployment remain unanswered
In September, Dr. James Grant became chief medical director at Blue Cross Blue Shield of Michigan, making the transition during the COVID-19 pandemic that has elevated telehealth to the forefront in the industry. While a COVID-19 vaccine became available a week ago, starting with frontline health care workers and long-term care facilities, the pandemic will drive much of what happens in the health care industry in 2021, according to Grant.
HMO group lays groundwork for medical claims data legislation
As reports continue to rank Michigan as one of the least competitive markets in the nation, the statewide trade group representing HMOs wants to ensure that insurance carriers are able to pursue business when employers bid out employee health coverage.
Average health insurance rates slightly higher as open enrollment starts Nov. 1
Health insurance open enrollment for 2021 starts Nov. 1 with small increases in rates for individual and small employer health care policies.