In 2021, the state's largest health insurer said it dedicated $860 million to customers and health care providers to pay for COVID-related expenses, including treatment and testing, without increasing health insurance premiums.
the diversification of the Blue Cross enterprise clearly paid dividends for our health insurance customers as we were able to absorb the extraordinary costs of the COVID pandemic without factoring those costs into the premiums paid by our insured customers," said Andrew Hetzel, vice president for corporate communications with Blue Cross Blue Shield of Michigan. The net income, about 1% of the insurer's $32.5 billion in revenue, was a result of strong gains in its investment portfolio and profits from non-health lines of insurance business, officials said during the company's annual financials briefing. Blue Cross Blue Shield of Michigan reported net income of $360 million for 2021 despite an operating loss of $374 million largely for its health insurance business due to the ongoing costs of the COVID-19 pandemic, officials said Tuesday.
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