Best’s News & Research Service - August 22, 2018 08:32 AM (EDT)
Oldwick //BestWire// - A.M. Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” of Premera Blue Cross (Premera) and its subsidiaries, LifeWise Assurance Company and LifeWise Health Plan of Washington (all companies are domiciled in Mountlake Terrace, WA).
The ratings reflect Premera’s balance sheet strength, which A.M. Best categorizes as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
The revision of the outlooks to positive is based on Premera’s risk-adjusted capitalization at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). Premera experienced a significant increase to its capital and surplus primarily driven by the elimination of the alternative minimum tax by the Tax Cuts and Jobs Act that was passed in late 2017 and improvement in earnings. Furthermore, Premera’s five-year compound annual growth rate (CAGR) for capital outpaces its CAGR for net written premiums. Premera maintained a solid overall liquidity over the past five years above 200%. Additionally, Premera’s operating earnings despite some volatility improved significantly in 2017, which A.M. Best expects to continue in 2018, driven primarily by a trend of lower utilization.
Offsetting rating factors include Premera’s exposure to risky assets driven by elevated investment to equities and schedule BA assets that are higher when compared with peers. However, A.M. Best notes that Premera’s higher risk investments are somewhat mitigated by the company’s strongest level of risk-adjusted capital.
This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.
A.M. Best is a global rating agency and information provider with a unique focus on the insurance industry.
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Oldwick //BestWire// - A.M. Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” of Premera Blue Cross (Premera) and its subsidiaries, LifeWise Assurance Company and LifeWise Health Plan of Washington (all ...
Who are Premera Blue Cross competitors? ›
Premera Blue Cross competitors include Aetna, Cambia Health Solutions, Group Health Cooperative and Jacada.
Is Premera Blue Cross different from Blue Cross? ›
Premera Blue Cross is a not-for-profit Blue Cross Blue Shield licensed health insurance company based in Mountlake Terrace, Washington, United States. It sells health insurance plans under the Blue Cross license in Washington state except Clark County and under both of the Blue Cross and Blue Shield licenses in Alaska.
Are Premera Blue Cross and Regence the same? ›
In Washington, Premera Blue Cross and Regence BlueShield share responsibility for claims processing, customer service, and prior authorization requests based on where the patient receives the service and what kind of service was received.
How many customers does Premera Blue Cross have? ›
As the largest health plan in the Pacific Northwest, Premera serves more than 2 million people—from individuals and families to employees of Fortune 100 companies.
Are Premera and Anthem the same? ›
Anthem Inc., a separate company from Premera that is also an independent licensee of the Blue Cross Blue Shield Association, recently suffered a cyber-attack which has been widely reported in the media.
Who are the competitors of Blue Cross? ›
See how Blue Cross Blue Shield compares to similar products. Blue Cross Blue Shield's top competitors include Cleveland Clinic, Excela Health, and Endeavor Health. Cleveland Clinic operates as a non-profit, multispecialty academic medical center. It integrates clinical and hospital care with research and education.
Is Premera Blue Cross a high deductible plan? ›
Premera Blue Cross offers certain high-deductible health plans that are qualified for use with Health Savings Accounts. HSA's allow members to save for qualified medical expenses their health plan may not cover.
What is the difference between Premera hmo and ppo? ›
The main differences between HMOs and PPOs has to do with the number of options for providers, accessibility to specialized providers, and the cost when it comes to plan monthly premiums.
Does Premera Blue Cross work in other states? ›
As a Premera Blue Cross member, your healthcare benefits travel with you wherever you go. In spirited cities and peaceful countryside, Premera is there wherever you need care. The BlueCard® program is your ticket to a nationwide network of providers.
Choose from a variety of plan options from value-based coordinated care to nationwide plans that use the Blue Cross Blue Shield network.
Is Premera Blue Cross a HMO? ›
Premera Blue Cross HMO plan members can opt into personalized, secure text messages about plan benefits, updates, and ways to get the most out of plans. Text-based messages you receive will send you to your own custom channel.
Is the LifeWise Health Plan of Washington part of Premera? ›
Premera is a non-profit company that offers health plans under a family of companies. These companies include Premera Blue Cross, Premera Blue Cross HMO, LifeWise Health Plan of Washington, and LifeWise Assurance company.
What is the Blue Cross Premera strategy? ›
Our health equity strategy is grounded in removing health disparities for our members. Premera believes a fair healthcare system can and should improve health outcomes and quality of care and contribute to the elimination of racial and ethnic health disparities.
What are the values of Premera Blue Cross? ›
We pledge to always conduct ourselves legally, ethically, and with unwavering integrity. We endeavor to build trust in every relationship we forge and each life we touch. We do this in a way that promotes belonging through Diversity, Equity, and Inclusion.
Is Premera different from Blue Cross Blue Shield? ›
Premera Blue Cross HMO is an independent licensee of the Blue Cross Blue Shield Association serving businesses and residents of Washington State, excluding Clark County.
Who are CareFirst BlueCross BlueShield competitors? ›
CareFirst BlueCross BlueShield competitors include Kaiser Permanente, Anthem, Inc., UnitedHealth Group, T. Rowe Price Group and Aetna.
Who are merge healthcare competitors? ›
The top three of IBM Merge Healthcare's competitors in the Electronic Health Records (EHR) category are AthenaHealth with 23.20%, eClinicalWorks with 15.78%, Meditech with 12.28% market share.
