By Christopher
Snowbeck
MARCH 27, 2019 — 9:49AM
As UnitedHealthcare keeps making
investments in tax credits that finance affordable housing projects, the
nation's largest insurer also is expanding a program that directly
connects homeless people in its health plans with housing.
On Tuesday, Minnetonka-based
UnitedHealthcare announced it has hit the $400 million mark in investments
in affordable housing since 2011.
Most of the spending generates a
financial return for United by way of low income housing tax credits. But the
insurer also supports projects that provide housing to people in certain
UnitedHealthcare managed care plans who otherwise would be homeless.
"Our work around the homeless
members is scaling now," said Dr. Jeffrey Brenner, a senior vice president
in UnitedHealthcare's division for health plans with contracts in the
state-federal Medicaid health insurance program.
"We've been historically
focused on Phoenix and Las Vegas, and have seen a lot of success that we're
happy about," Brenner said. "So, we're scaling it up to 15 markets
before the end of the year."
Banks, insurers and large financial
institutions have invested in low income housing tax credits for many years.
The tax credit programs are a key sourcing of financing for the deals, housing
advocates say.
For UnitedHealthcare, the tax credit
investments come in the context of large health plan reserves that are required
by state regulators and routinely are invested in bonds and treasuries. The
company has opted to invest some of the reserves in "socially redeeming
purposes," Brenner said, via tax credits.
“And then the other side of the
company is my side, where the clinical work is going on," Brenner said.
"We’re finding it to be an important thing to invest in not just good
medical care for people, but to round that out with good social care, as well.
We’re seeing a return on that and good health outcomes, as well.”
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