A report released by the Vermont Department of Financial Regulation showed that a payout of $2.2 million in premium relief to consumers from the state's commercial payers is warranted, Vermont Business Magazine reported July 21.
The report focused on the financial performances of BlueCross BlueShield of Vermont, MVP Health Group, the Vermont Education Health Initiative and Cigna throughout the COVID-19 pandemic.
Though nonessential medical procedures were postponed during the pandemic, resulting in excess profits for the state's health insurers in 2020, the rise in compensatory care resulted in potential losses for 2021.
The report found that BCBSVT's Medicare Supplement and Cigna's large group market segments had COVID-19-related profits that totaled $2.2 million for both 2020 and 2021, and additional premium relief in these or other market segments may be warranted in the future, the article said.
Cigna has refunded its eligible members $118,000, while BCBSVT will be required to include the $2.1 million it owes in its 2022 Medicare Supplement filing.
"The pandemic caused severe disruption to our daily lives including preventing Vermonters from seeking non-essential medical care at times even though they continued to pay their health insurance premiums," Department of Financial Regulation Commissioner Michael Pieciak told the publication. "It was important to ensure Vermonters did not overpay for commercial health insurance during the pandemic, and we determined that in most instances they did not, and where they did, Vermonters would be receiving premium relief."