The dominant health insurer in the Bay State, Blue Cross and Blue Shield of Massachusetts (BCBSMA), covers some 3 million members. The company, an independent licensee of the Blue Cross and Blue Shield Association, offers a variety of individual and employer-sponsored health care plans, including HMO (HMO Blue), PPO (Blue Options), and point-of-service (Blue Choice) plans, as well as various hybrid options and personal spending accounts to cover out-of-pocket costs. BCBSMA also provides Medicare options and dental, vision, and prescription drug coverage. Its provider network includes more than 21,000 physicians and about 75 hospitals across the state. The health care firm was founded in 1937.
BCBSMA's HMO plans are offered through its Blue Cross and Blue Shield of Massachusetts HMO Blue subsidiary. The company's dental plans are provided under the Dental Blue banner, and the vision coverage options are available through a partnership with Davis Vision. In addition to health-related coverage, BCBSMA provides life and disability policies through an affiliation with Indigo Insurance Services and USAble Life.
BCBSMA saw 2012 revenue rise 2% on increased premiums as it added more customers. Net income showed a huge 178% jump due to decline in expenses and increase in investment income. Cash flow dropped by $62,000 as the company spent on investing and financing.
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The company strives to help employers keep health care costs down by finding ways for members to control what they spend on health care. It partners with other organizations to promote health and wellness and has introduced low cost plans, zero premium plans, and other initiatives to help consumers choose it over other options now available through the Affordable Care Act.