HealthPartners is offering more than $40 million in premium credits to employer and individual customers — the latest insurer to announce financial help for customers in the midst of fewer medical claims.
Most of the financial help is being directed at employers that buy coverage, but about 20% will help individuals who buy coverage for themselves.
Altogether, health plans that provide coverage to more than 300,000 people will benefit, Bloomington-based HealthPartners said, although employers will decide how to utilize credits.
Across the industry, health insurers have described "imbalances" where employers and individuals are paying premiums that are significantly higher than would be needed to cover reduced usage of health care due to COVID-19.
"This step will hopefully offset some of the financial burden our members and employer partners are experiencing," said Andrea Walsh, chief executive at HealthPartners, in a statement.
In October, the California-based Kaiser Family Foundation reported that health insurers, in general, saw higher profit margins during the second quarter amid lower spending on medical care.
Minnetonka-based UnitedHealthcare, which is the nation's largest health insurer, has reported that demand for medical services hit a low this spring at roughly two-thirds of normal before recovering this fall to about 95% of baseline.
Beyond reporting record profits in the second quarter, UnitedHealthcare is spending $2 billion on a variety of measures including premium credits and cost-sharing waivers to support customers.