DeWITT, N.Y. — Excellus BlueCross BlueShield reported an operating loss of $55 million last year, which it attributed primarily to losses in its Medicaid Managed Care line of business. Despite the operating loss, Excellus posted net income of $24 million in 2014, due to “stronger-than-expected” investment income, the insurer said in a news release issued […]
DeWITT, N.Y. — Excellus BlueCross BlueShield reported an operating loss of $55 million last year, which it attributed primarily to losses in its Medicaid Managed Care line of business.
Despite the operating loss, Excellus posted net income of $24 million in 2014, due to “stronger-than-expected” investment income, the insurer said in a news release issued Friday. The release provided highlights of its annual financial statement that it filed the same day with the New York State Department of Financial Services.
Excellus, Central New York’s largest health insurer, reported that it generated $5.9 billion in total premium revenue last year, and it paid out 88 percent of that, or $5.2 billion, for medical-benefit claims.
Excellus said it paid $137 million in added federal taxes in 2014 through the federal Affordable Care Act, which also contributed to its operating loss. The company paid out a total of $488 million in state and federal taxes during the year, according to the release.
Excellus said its current health-plan reserves amount to $1.2 billion, or $857, per insured member.
Excellus is the largest division of its parent company, Rochester–based Lifetime Healthcare Companies.
Excellus’ Central New York headquarters is in DeWitt.
