Health Insurer Horizon to Invest $275M Due to New Tax Law

New Jersey’s largest health insurer says it will invest $275 million in new initiatives and customer relief as a result of the new federal tax law.

Horizon Blue Cross Blue Shield announced Wednesday that it would commit $150 million in to-be-determined benefits for customers. The non-profit insurer will work with the state Department of Banking and Insurance to “identify the most appropriate mechanism to use these funds in 2018 for its policyholders,” according to a news release.

In addition, Horizon will invest $125 million over five years to expand mental health programs, provide more access to primary care and address drug addiction.

“In keeping with our long-standing mission to operate for the benefit of our customers, this plan seeks to provide to them this year, in the most direct way possible, $150 million in relief,” Kevin Conlin, the president and chief executive of Horizon, said in a statement. “Members will also benefit from the substantial investments this plan makes to expand access to care, improve health care quality and lower costs.”

Read more: http://observer.com/2018/02/horizon-invest-275-million-new-tax-law/