Blue Cross Blue Shield operator did not pay federal taxes in 2018, got $1.7B refund

[workinclasszero]

BY CHRIS MILLS RODRIGO - 03/11/19 05:04 PM EDT

Health Care Service Corp., which operates Blue Cross Blue Shield plans in a handful of states, did not pay any federal taxes in 2018 and received a $1.7 billion tax refund, according to its latest financial report.

The tax refund boosted the health insurance conglomerate's net profit to $4.1 billion last year, compared to $1.3 billion in 2017, according to Axios, which first reported about Health Care Service's tax refund.

Axios noted that Health Care Service was one of the biggest beneficiaries of the GOP tax cut and has experienced rising profits from its health plans in the Affordable Care Act marketplace.

Health Care Service oversees Blue Cross Blue Shield plans in Illinois, Montana, New Mexico, Oklahoma and Texas.

The company said it had benefited from the repeal of the corporate alternative minimum tax in 2018 after remaining credits were included.

https://thehill.com/policy/healthcare/433555-blue-cross-blue-shield-insurer-didnt-pay-any-federal-taxes-in-2018-got-17#.XIcBX1wylVc.twitter

[SHRED]

1. This is outrageous

[workinclasszero]

3. The Trump/GOP tax cut was a bonanza for tax cheats like Amazon and Blue Cross

Now the republicans do their usual dirty work and try to pay for it by attacking SS, Medicare and Medicaid!

[KPN]

2. So we can all assume that BCBS plans operated by Health Care Services will

see a substantial reduction in premiums in 2020 if not sooner (like a rebate of 2019 premiums), right?

[workinclasszero]

5. Right

The one and only time we will see that happen is when a democratic President and Congress force the thieving bastards to do so!

Or preferably cut the greedy scum out of the health care insurance market all together with Medicare for all!

[WillowTree]

7. Not so. Rebates for the policyholders in at least one state are already in the works.

[workinclasszero]

8. So how much I wonder?

[WillowTree]

6. Actually, there will be rebates for some of the plans.

[workinclasszero]

9. If you have a link to that info

I would sure like to look at it

[WillowTree]

10. No link.

But since I am personally working on preparing system verification of the upcoming rebates, I'm reasonably sure of my information.

[WillowTree]

4. Just for the record, HCSC is a not-for-profit insurer, owned by the policyholders.

[KPN]

12. So that $4.1 billion profit in 2018 will all be

paid out to their policy holders? How many people does HCSC insure?

[WillowTree]

13. I honestly don't know how many total members across 5 BCBS companies

Part of that income will be refunded to members, a large part has to be held in reserve to assure adequate funding for future claims.

[doc03]

11. Only little people pay taxes. Who said that?