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Thursday, April 1, 2021
Financial Stability Council Eyes Nonbanks' Access to Cash
Lincoln Financial Has a Plan for April 1
Lincoln Financial Has a Plan for April 1
By
Allison Bell
The company wants 4/01 (K) Day to be a vehicle for promoting
retirement plan awareness, not pranks.
White House to pay six-figure salary to Presidential Dog Trainer
White House to pay six-figure salary to Presidential
Dog Trainer
Why it matters: This sure looks like a nice gig if you can get it! What's funny is
that the trainer is supposed to provide security for the dogs. Isn't it usually
the other way around? You can see the full job description at this link (be sure you scroll all the way to the bottom).
This breathing pattern conquered stage fright
This breathing pattern conquered stage fright
Why it matters: A simple breathing technique of four seconds
in, four seconds' pause, six seconds out and two seconds' pause can help you
calm down and focus before a presentation or any other anxiety-inducing time in
the spotlight.
Full Story: The
Genard Method (3/28)
Blue Cross and Blue Shield of Minnesota Reports 2020 Financial Results
Blue Cross and Blue Shield of Minnesota
Apr 01, 2021, 10:02 ET
EAGAN, Minn., April 1, 2021 /PRNewswire/ -- The Blue Cross and Blue Shield of Minnesota (Blue Cross) family of companies today announced audited financial results for 2020. The organization reported operating income of $128 million on $13.2 billion in total revenue, for an operating margin of less than one percent. A pre-tax net income of $244 million was largely driven by the recovery of federal government payments owed through an Affordable Care Act (ACA) program designed to offset health plan operating losses. Audited results for 2020 include the consolidated financial statements for businesses operating under Aware Integrated, Inc. (AII), a nonprofit corporation and parent organization.
For 2020, AII paid out $11.5 billion in medical claim payments, which represents approximately 87 cents of every premium dollar going directly to cover members' health care costs. Additionally, the organization paid more than $133 million in taxes, assessments and surcharges. Total member enrollment for the year ended at approximately 2.8 million.
"Our focus throughout this past year was steadfast on doing what is best for our members' health and wellbeing through the COVID-19 pandemic," said Jay Matushak, senior vice president and chief financial officer at Blue Cross and Blue Shield of Minnesota. "Under such unprecedented circumstances, we were able to remain financially strong and stable; advance our strategic imperatives; and make critical investments throughout the state in support of our valued community partners."
To help stabilize heath plan coverage and access to needed medical care during the public health crisis and economic downturn, Blue Cross dedicated more than $150 million in premium relief credits, premium rebates and accelerated payments directed at members, employers and health care providers.
Social Impact in 2020
In addition to financial relief efforts focused on the health care system, Blue Cross provided another $14.8 million in community investments to support food access, housing security, and other factors that affect health outside of a hospital or clinic setting.
With the coronavirus disproportionately affecting Black, Indigenous and people of color (BIPOC) communities, the Blue Cross and Blue Shield of Minnesota Foundation set up a COVID-19 Rapid Response Fund, awarding grants to 62 community-based organizations. Additionally, Blue Cross associates dedicated 15,000 hours volunteering as contact tracers for the Minnesota Department of Health.
Blue Cross also deployed community health workers in Ramsey, Dakota and Hennepin counties to bridge cultural and language barriers, with approximately 14,000 members receiving critical information related to COVID-19 in Spanish, Hmong, Somali, and Karen.
Given the significant influence that stable housing has on health and the ability to access needed care, Blue Cross developed a housing flex fund to support county- and community-led housing stability efforts. Funding distributions in 2020 totaled $400,000 to community partners throughout the state.
To help address challenges in rural communities, Blue Cross provided funding to the Arrowhead Health Alliance (AHA) Telepresence Coalition, a collaboration between the Health and Human Services agencies of Carlton, Cook, Lake, Koochiching, and St. Louis Counties in northeastern Minnesota.
Financial results for Blue Cross and Blue Shield of Minnesota
The lines of business served by Blue Cross in 2020 include small and large employer plans and a suite of Medicare offerings – Medicare Advantage, Platinum BlueSM (Medicare Cost); and MedicareBlueSM Rx (Medicare Part D). Collectively, Blue Cross reported overall operating income of $171 million.
In 2020, Blue Cross received $249 million through the ACA's temporary risk corridor program that was designed to stabilize health insurance premiums for the first three years (2014 – 2016) of the new ACA market exchanges. For those years, Blue Cross reported losses totaling more than $500 million.
Financial results for Blue Plus
Blue Plus is a health maintenance organization (HMO) serving the individual market as well as the Prepaid Medical Assistance Program (PMAP), the state Medicaid program, and MinnesotaCare, the health program for low-income families. Blue Plus reported operating income of $12 million, primarily driven by increased enrollment in public programs; an overall decrease in utilization of covered care; and COVID-19-related adjustments to the administration of public programs under peacetime emergency authority orders aimed at preserving health care coverage. Blue Plus provided $10.5 million back to the state after receiving $11.3 million owed through the ACA's temporary risk corridor program.
Additional accomplishments and milestones in 2020
- 60,000 Medicare members at high-risk for COVID-19 complications being contacted by Blue Cross case managers to answer questions and make connections to helpful resources
- A five-year value-based care contract between Blue Cross and Allina Health, which reimagines the traditional construct between provider and payer while supporting care models that aim to improve individual and community health
- 200,000 members receiving expanded access to mental health support through Learn to Live online programming
- 80,000 masks made by volunteers through Blue Cross' statewide mask-making campaign to donate to health care providers and community nonprofits to protect against COVID-19
- 30,223 hours of time, energy and expertise being volunteered by Blue Cross associates
- A perfect score of 100 on the Corporate Equality Index and being named one of the "Best Places to Work for LGBTQ Equality" by the Human Rights Campaign Foundation.
- 4.5 Stars out of five Stars were awarded to three Blue Cross Medicare plans for an overall Star Rating from the Centers for Medicare and Medicaid Services (CMS). This 2021 Star Rating was awarded to its Medicare Advantage plan, SecureBlueSM (HMO SNP) Minnesota Senior Health Options plan and MedicareBlue Rx Part D plan. The Platinum BlueSM Cost plan was awarded a 4-Star rating.
Additional details can be found at Bluecrossmn.com/socialimpact.
AII serves as the holding company for all affiliates and subsidiaries, including the following regulated businesses associated with Blue Cross:
Blue Cross and Blue Shield of Minnesota — A nonprofit health services company and independent licensee of the Blue Cross and Blue Shield Association.
Blue Plus — A nonprofit HMO and independent licensee of the Blue Cross and Blue Shield Association that offers health plans and contracted provider networks throughout Minnesota to individuals and local, state and national groups.
MII Life Insurance, Inc., d/b/a FurtherSM (formerly SelectAccount®) — An independent licensee of the Blue Cross and Blue Shield Association that serves as a third-party administrator of medical spending accounts included in consumer-directed health plans throughout the country.
Blue Cross provides all information, reports and audited details as required by the State of Minnesota for both commercial and public program products. Detailed financial statements for the organization's regulated businesses are filed with the Minnesota Department of Commerce.
About Blue Cross and Blue Shield of Minnesota
For nearly 90 years, Blue Cross and Blue Shield of Minnesota (bluecrossmn.com) has supported the health, wellbeing and peace of mind of our members by striving to ensure equitable access to high quality care at an affordable price. We are on a mission to inspire change, transform care and improve health for the people and communities we serve by reinventing both ourselves and the broader system. Our 2.5 million members can be found in every Minnesota county, all 50 states and on four continents. As a proud nonprofit organization, we believe working to advance wellness for all Minnesotans is the greatest investment we can make. Our goal is nothing less than for everyone to be able to achieve their full health potential, regardless of race or other socially defined circumstances. Blue Cross and Blue Shield of Minnesota is an independent licensee of the Blue Cross and Blue Shield Association, which serves more than 107 million members across the U.S.
Allina Health is an independent company that provides access to health care services.
Learn to Live, Inc. is an independent company that provides online cognitive behavioral therapy programs and services.
Blue Cross offers PPO, HMO-POS, and Cost plans with a Medicare contract, and an HMO-SNP plan with a Medicare contract and contract with the Minnesota Medical Assistance program. Enrollment in these Blue Cross plans depends on contract renewal.
Medicare evaluates plans based on a 5-star rating system. Star Ratings are calculated each year and may change from one year to the next.
SOURCE Blue Cross and Blue Shield of Minnesota
Related Links
https://www.prnewswire.com/news-releases/blue-cross-and-blue-shield-of-minnesota-reports-2020-financial-results-301260762.html
A Very Round Number
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By Matthew
Klein | Thursday, April 1 Happy
4,000! America’s S&P
500 index hit a new record today, breaching the
4,000 level for the first time ever as large-cap stocks gained 1.2% on low
trading volume. The Russell 2000
small-cap index gained 1.5%, while the
tech-heavy Nasdaq Composite was up 1.8%.
Unlike the S&P, the Russell and the Nasdaq are both down about 5% from
their most recent highs, although the Russell is still up more than 14%
year-to-date, compared with 7% for the S&P. Markets in
the rest of the world also had a good day, with gains in Australia, Canada,
China, Europe, Hong Kong, Korea, Japan, and the U.K. Canada’s TSX hit a new
all-time high, while the STOXX Europe
600 index
is almost back to the all-time high reached on Feb. 19, 2020. Bond
yields ticked slightly lower, while gold, silver, and oil all moved higher. The drop in
bond yields—the 10-year yield fell by the most in one day since Nov. 12—comes
after a brutal quarter for Treasury investors, with a loss of 4.6%. Barron’s Alex
Scaggs notes that the first quarter of
2021 was the worst
quarter for total returns since the third quarter of 1980.
Investors in longer-term debts faced much larger losses, with the 15+ Year
index down 13%. Corporate bonds also fared poorly, as narrowing credit
spreads weren’t enough to offset the increase in real interest rates and higher
expectations for inflation. The uptick
in oil prices, meanwhile, came on the heels of an announcement
from the OPEC+ group that it would begin to bring more production
online to meet the rising demand from a recovering global economy. Investors
apparently think the agreement will ultimately benefit American shale
producers and domestic refiners, with such U.S. energy stocks as Diamondback
Energy, Marathon
Oil, Devon
Energy, HollyFrontier, APA
Corp (the
new name for the parent of Apache), Hess, Valero
Energy, and Marathon
Petroleum dominating the list of the day’s top
performers. Clothing
retailers, including PVH Corp, Capri
Holdings, Macy’s, Ralph
Lauren, Kohl’s, and Hanesbrands, were among
the biggest losers of the day, although healthcare stocks such as DaVita, Humana, Anthem, UnitedHealth
Group, CVS
Health, and HCA
Holdings also fared poorly. |
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DJIA: +0.52% to 33,153.21 The Hot
Stock: Diamondback
Energy +10.5% Best Sector:
Energy +2.6% |
Insurer Beats 4 Philly Cos.' Virus Coverage Class Suits
Insurer Beats 4 Philly Cos.' Virus Coverage Class Suits
Cincinnati
Insurance Co. won its bid to toss four Philadelphia businesses' consolidated
class actions seeking COVID-19-related loss coverages, after a Pennsylvania
federal judge ruled that the virus and state closure orders did not damage the
businesses' properties.
Memorandum
attached | Read full
article »
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