AXIOS – Health Care Service Corp. didn’t pay a dime in federal taxes in 2018.
Instead, the conglomerate received a $1.7 billion tax refund, which swelled the company’s profit to $4.1 billion.
As Axios reported last year, the Blue Cross Blue Shield companies were on track to retain huge sums of money in 2018 due to the Republican tax overhaul and the growing profitability of their health plans.
HCSC was among the biggest winners.
HCSC is the parent of the Blues plans in Illinois, Montana, New Mexico, Oklahoma and Texas.
A separate financial filing shows the company’s plans in the ACA marketplaces were extremely profitable last year:
Just 64% of their premiums were spent on medical care, resulting in almost $2.7 billion in gross profit. Read more.
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