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on individual policy holders by between 12 and 13 percent in 2013, 9.4 percent in 2012, 8.5 percent in 2011 and 18 percent in 2010. As of June 2014 Wellmark is seeking to increase rates again, apparently by less than 5.9 percent for the majority of insured, and by 11.9 percent and 14.5 percent for
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According to
Wellmark's 2013 balance sheet its assets were $ 2,357,637, its liabilities $ 1,003,329 and its reserves were $ 1,354,308. As of 2014, Wellmark explains that premiums are spent as follows: 86.6% on payment for health care services, 7.6% for administrative services, 3.9% on commissions,
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In 1996, Blue Shield of South Dakota merged into IASD to form a single company. Blue Cross of South Dakota and South Dakota Blue Shield merged into 'South Dakota Health
Services Company' doing business as Blue Cross Blue Shield of South Dakota. In 1997, the companies were branded as Wellmark Blue
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As of 2016 the Board of
Directors consists of 11 members, namely Thomas M. Cink, Melanie C. Dreher, John D. Forsyth, Daryl K. Henze, William C. (Curt) Hunter, Paul E. Larson, Angeline M. Lavin, Terrence J. Mulligan, Dave Neil, Timothy J. Theriault, Terri M. Vaughan. The CEO is Cory Harris.
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period from
October 1, 2013 to March 31, 2014 more than 41,000 people in Iowa and South Dakota enrolled in 24,000 "Affordable Care Act-compliant health plans" by Wellmark. Cliff Gold, former Wellmark employee, then chief operating officer of Iowa's CoOportunity, said that "they have denied
304:; in 2013 the Commission received a total of 300 comments, 240 of which expressed rate increase weariness, and that some increases reached nearly 50 percent since 2010. The second most common comment had to do with affordability, and the third highest reoccurring comment was Wellmark's
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In 2010, Wellmark opened its $ 250 million headquarters, and at the same time raising premiums by double-digit percentages annually. The CEO justified the reserves, or found them possibly even a bit too low, considering that
Wellmark pays out more than $ 5 billion per year in claims.
209:. In 1994, Blue Cross Blue Shield (BCBS) allowed its licensees to be for-profit corporations, and the joint service agreement of Blue Cross of South Dakota and South Dakota Blue Shield expired, putting the two plans in competition with one another.
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in the
Affordable Care Act, which requires insurers to spend at least 80 percent of premium dollars on patient care and quality improvement activities. Most rebates in Iowa ($ 1.1 million) were owed by Coventry Healthcare of Iowa Inc.
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Wellmark is headquartered in downtown Des Moines and Sioux Falls. It has 1707 employees in Iowa and 171 in South Dakota. It consists of
Wellmark Blue Cross and Blue Shield of Iowa, Wellmark of South Dakota, Inc.
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Wellmark Blue Cross and Blue Shield of South Dakota) and
Wellmark Health Plan of Iowa, Inc. The Wellmark Foundation is a private foundation to support health improvement initiatives in Iowa and South Dakota.
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In 1989, Blue Cross of Iowa, Blue Shield of Iowa and Blue Cross of
Western Iowa and South Dakota merged to form 'IASD Health Services Corporation'. In 1991, IASD Health Services Corporation became a
186:. In 1945, Iowa Medical Service (later known as Blue Shield of Iowa) was formed. In 1948, Associated Hospital Services began doing business in South Dakota and marketing activities as
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and an independent actuary reviewed
Wellmark's data and both found the rate request was not discriminatory, but was supported by the data.
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202:, which was the plans' first for-profit venture. Benefit Administrators of America was renamed Wellmark Administrators, Inc. in 1997.
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As of 2014 Wellmark Health Plan of Iowa had to refund $ 651,895 to customers, because it did not meet specifications of the
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Coordinated Issue Paper – Blue Cross Blue Shield/Health Insurance; Life Insurance: Conversion of nonprofit corporations
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Wellmark insures almost 1.8 million Iowans and more than 300,000 South Dakotans. It is Iowa's largest and
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Wellmark Blue Cross Blue Shield's corporate headquarters in Downtown Des Moines' Western Gateway District
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In 1939, 'Hospital Service Incorporated of Iowa' (later known as Blue Cross of Iowa) began business in
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308:. Individual comments criticized the chairman's salary of $ 3.1 million The Insurance Division's
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Cross and Blue Shield of Iowa and Wellmark Blue Cross and Blue Shield of South Dakota.
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of Iowa purchased Benefit Administrators of America, Inc., a
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consistently, that they push bad risk into the exchanges."
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in the United States with more than two million members in
354:"Wellmark to sell policies on Obamacare exchange for 2017"
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1.3% for earnings on premiums, and 0.4% on premium tax.
576:. Iowa Insurance Commission. 5 January 2013. p. 90
462:"Wellmark won't join health insurance exchange in 2015"
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insurer but has not participated in the government's
600:"Forsyth responds to three criticisms of Wellmark"
640:Financial services companies established in 1939
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514:"Consumers due rebates now from health insurers"
485:"Wellmark enrolls 41,000 in Iowa, South Dakota"
146:health insurance in Iowa. It is an independent
660:Medical and health organizations based in Iowa
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542:Patane, Matthew (20 June 2014).
460:Patane, Matthew (20 June 2014).
166:. It began participating in the
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598:Leys, Tony (29 December 2013).
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17:Wellmark Blue Cross Blue Shield
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602:. Des Moines Register
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339:"Company information"
236:health care exchange
168:health care exchange
295:Affordable Care Act
268:was "A+" (Strong).
266:Standard and Poor's
101:Number of employees
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65:1331 Grand Avenue
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436:"Fast Facts"
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62:Headquarters
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524:18 December
494:18 December
489:The Gazette
260:Wellmark's
194:. In 1986,
192:Blue Shield
162:as well as
634:Categories
359:11 January
325:References
277:80/20 rule
188:Blue Cross
170:for 2017.
76:Key people
386:"History"
316:Criticism
217:Companies
117:.wellmark
94:Insurance
411:Archived
290:premiums
232:dominant
148:licensee
144:dominant
90:Products
44:Industry
606:24 June
580:24 June
550:24 June
468:24 June
442:24 June
392:24 June
310:actuary
174:History
150:of the
110:Website
54:Founded
156:dental
38:Mutual
574:(PDF)
264:from
158:and
130:is a
105:1,878
608:2014
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361:2016
138:and
136:Iowa
119:.com
57:1939
115:www
83:CEO
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Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
