Excellus and other insurers make huge profits, yet our health …

Mar 3, 2013 · To The Editor: It is with interest that I note Excellus’ large color ad in Thursday’s paper regarding the “Billion dollar myth: that our health plan …

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Excellus Posts 2023 Net Loss Of $23M After Rise In Insurance Usage

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Mar 14, 2024 · ROCHESTER — Excellus BlueCross BlueShield reported a net loss of more than $23 million for 2023, which it primarily attributed to a $271 million increase in medical benefits …

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Excellus BCBS Posts First Loss In 15 Years - Becker's Payer

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Mar 5, 2024 · Excellus BlueCross BlueShield reported a net loss of $23 million in 2023, its first loss since 2008, NPR affiliate WXXI reported March 4. Excellus President and CEO Jim Reed …

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Excellus Posts $23M Year-end Loss As Net Income Plummets

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Mar 4, 2024 · Excellus last failed to post a profit in 2008, when it ended the year with a net loss of $54 million. The company’s $6.6 billion in premiums collected in 2023, was unchanged from …

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Excellus Pays Out Nearly $6 Billion In Medical Benefits In 2021 ...

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Mar 2, 2022 · Excellus BlueCross Blue Shield says that it received $6.6 billion in premium revenue last year and paid out $5.9 billion in medical benefits.

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Excellus Made $117.6 Million Profit In 2021; See How Much

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Mar 1, 2022 · Syracuse, N.Y. — Excellus BlueCross BlueShield reported net income, or profit, of $118 million in 2021, up from $97.2 million in 2020. The nonprofit health insurer also paid four …

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Excellus Makes $171M Profit; See How Much It Paid Top Execs

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Feb 28, 2020 · The strong stock market boosted the Rochester-based health insurer’s financial performance in 2019. Its net income, or profit, was $21 million higher than it was in 2018.

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Excellus Reports First Loss In 15 Years. See How Much It ... - Syracuse

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Mar 4, 2024 · The health insurer saw a $271 million increase in medical claims last year.

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FAQs about Excellus and other insurers make huge profits, yet our health … Coupon?

How much money does Excellus make a year?

The $58.9 million profit represents 0.9% of the $6.6 billion in premium revenue the insurer collected last year. Because it is a nonprofit, Excellus puts profits into a reserve fund to cover unanticipated higher expenses such as a pandemic. At the end of 2022, Excellus had $1.8 billion in reserves, up from $1.5 billion at the end of 2021. ...

Who is the CEO of Excellus BlueCross BlueShield?

James Reed, president and CEO of Excellus, was paid $1.8 million NEW! Syracuse, N.Y. — Excellus BlueCross BlueShield reported net income, or profit, of $118 million in 2021, up from $97.2 million in 2020. The nonprofit health insurer also paid four executives more than $1 million each and another 138 employees more than $200,000 each. ...

How much in taxes did Excellus pay?

Excellus paid $403.4 million in federal and state taxes in 2019. ...

How did Excellus BlueCross BlueShield perform in 2019?

Excellus BlueCross BlueShield reported a $171 million profit in 2019, which is $21 million higher than its net income in 2018. The strong stock market contributed to the Rochester-based health insurer's improved financial performance. ...

How many members does Excellus have?

Excellus has over 1.5 million members. In 2019, it gained 8,400 new members, marking the third consecutive year its membership has grown. Although Excellus is a nonprofit, it paid $403.4 million in federal and state taxes in 2019. The company had $1.4 billion in reserves at the end of 2019, up from $1.1 billion at the end of 2018. ...

How much money have health insurance companies made since ACA passed?

The top five health insurers have raked in over $371 billion in profits since ACA passed. Over 40% of that went to the parent company of CEO Brian Thompson’s UnitedHealthcare, UnitedHealth Group — which denies nearly one in three claims from its policyholders. ...