Blue Cross to issue rebate to certain customers
Certain Blue Cross and Blue Shield customers will be getting a small rebate check because the insurer barely failed to meet a federal premium spending requirement.
The Medical Loss Ratio requirement of the Affordable Care Act limits the portion of premium dollars health insurers may use for administration, marketing, and profits, according to the Kaiser Family Foundation.
Under the ACA, health insurers must publicly report the portion of premium dollars spent on health care and quality improvement and other activities in each state in which they operate.
The provision requires insurance companies that cover individuals and small businesses to spend at least 80% of their premium income on health care claims and quality improvement, leaving the remaining 20% for administration, marketing and profit.
Blue Cross said its three-year rolling average was at 79.8%. The average rebate for under age-65 insured members will be $22 with a total rebate amount of $8.5 million,
The insurer said the rebate is “due in part to our work to reduce health care cost and save customers money, we came in under the required threshold this year. As a result, we will provide members with rebates for the first time in 2019.”
More Forsyth tracts sold
C.W. Myers Trading Post Inc. has continued its recent land-transaction spree by selling a portfolio of 102 tracts for a combined $3.2 million, according to Forsyth County Register of Deeds filings Thursday.
The company, founded by Clyde W. Myers, has a reputation for being willing to buy and trade almost anything. That includes residences, commercial real estate and vacant lots.
The latest sets of tracts were sold to two affiliates of NAI Earle Furman, a Greenville, S.C., commercial real-estate developer. It is the sixth time since December that C.W. Myers has sold properties to NAI Earle Furman affiliates.
Altogether, C.W. Myers has gained at least $8 million from the portfolio sales since December.
First Bancorp board declares 12-cent dividend
The board of directors for First Bancorp, based in Southern Pines, declared Friday a 12-cent cash dividend on its common stock.
The dividend is payable Oct. 25 to shareholders registered as of Sept. 30.
The bank has increased its Winston-Salem and Triad presence significantly in the past two years with four and 15 branches, respectively.