BCBSRI helped providers and businesses through the pandemic not just with monetary assistance, but also with empathy and flexibility.

Financial Relief

Delivering Premium Relief to Customers

In 2020, we provided multiple waves of medical and dental premium relief to our customers. Those included fully insured large group and small group customers as well as individuals who purchase insurance through BCBSRI or HealthSource RI.

We offered the premium relief for two reasons.

First, although the use of healthcare services appears to be returning to pre-pandemic levels, we saw a significant drop through early summer as members deferred elective procedures and routine doctor visits.

Second, we recognized that many employers and members faced tremendous economic uncertainty, and premium relief was a meaningful way to help them.

In Premium Relief
Financial Relief

Supporting COVID-19 relief efforts

To help our community through this difficult time, we donated to specific COVID-19 relief efforts—including the COVID-19 Response Fund—as well as provided financial support to many nonprofit partners that helped them reallocate funds toward COVID-19 efforts.

In addition to financial support, Your Blue Van delivered supplies for the Rhode Island Coalition for the Homeless. To help protect first responders and our state’s most vulnerable citizens, we donated hand sanitizing products to the State of Rhode Island, City of Providence emergency responders, and nonprofit organizations like Family Service of Rhode Island.

BlueAngel volunteers donated their time to deliver meals to older adults through Meals on Wheels, sew masks for healthcare and direct service professionals, and consult with local nonprofits via Zoom.

Donated to COVID-19 relief efforts
Play Video
Watch a clip of the Rhode Island PBS short film series, Kids Want to Know, sponsored by BCBSRI.
When Rhode Island PBS launches a project of interest and importance to the health and well-being of our community—whether it is prevention of opioid overdose or now COVID-19 information—we are grateful we can count on Blue Cross’s leadership and enthusiastic partnership.
David W. Piccerelli
President, WSBE Rhode Island PBS
Financial Relief

Offering grants to behavioral health practices

Behavioral Health Quality Grants from BCBSRI will help behavioral health practices better anticipate patient needs and close gaps in care. The $1,118,309 in grants, provided over the course of the next two years, will help these practices launch new electronic health record programs and add population data analysts:

  • Newport County Community Mental Health Center
  • Providence Behavioral Health Associates, Inc.
  • Lisa M. Rocchio, Ph.D. & Associates, Inc.
  • Barrington Behavioral Health Services, LLC
These grants can help transform smaller practices where thousands of Rhode Islanders receive vital services each year.
Sarah Fleury
LICSW, CPHQ, BCBSRI manager of Behavioral health
Financial Relief
Financial Relief

Helping small businesses during the pandemic

Financial Relief

When the calls started coming in, we knew we had to help. Small businesses were hit especially hard during the pandemic. Many were faced with cash flow constraints. A BCBSRI team of two people worked with more than 150 businesses, setting up payment plans, extending payment terms, and helping connect them with available resources for their businesses.

With that assistance, businesses could tell their employees that they would not lose their health coverage in the middle of a pandemic.

This is very helpful to us during this difficult time. We appreciate your partnership.
Financial Relief

Supporting providers with the rapid adoption of telehealth

As providers saw an increasing number of their patients virtually, BCBSRI led the way by expanding access to telehealth and reducing the cost for patients ahead of state requirements. This gave providers a head start in transferring their practices to a virtual environment before COVID-19 restrictions were enacted.

Paid to providers for telehealth services

We also provided weekly assistance to practices on how to apply for federal loans through the Paycheck Protection Program.

Financial Relief

See how we helped our customers and our community

By The Numbers

Our financial performance in 2020 allowed us to create a premium relief program of almost $30 million for medical and dental customers. We also contributed $10 million to our donor-advised fund at the Rhode Island Foundation, used for philanthropic investments like our BlueAngel Community Health grants focused on safe and affordable housing. The after-tax net gain of $42 million was driven by several factors: strong enrollment, a final installment of a federal tax refund, and lower-than-expected medical claims during the first half of the year as members deferred non-COVID-19-related care.

Overall Profit/Loss

For the fourth consecutive year, we have shown positive financial results, allowing us to contribute $42 million into reserves, money we set aside for the protection of all our members to pay future claims.


Statutory Reserves

In 2020, statutory reserves that we held for the protection of our members totaled $416 million at year end.

Statutory Reserves as of 12/31/2020

Total Revenue $1,716,003,000

In 2020, we recorded $1.70 billion in premiums from members (individuals and employers). We also recorded an $8.8 million gain on investment revenue.

Premium Revenue
+ $8,760,000
Investment Revenue
Total Revenue
Numbers may not add up due to rounding.

Total Expenses $1,673,582,000

From total revenue, $1.40 billion was used for medical and dental claims for our members. This amount accounted for 82.2% of premium revenue collected. The company spent $232.2 million (including premium taxes) on expenses to support the core operations of our business, or 13.6% of premiums. An additional $74.3 million was spent on other expenses, including $33.6 million on assessments required by the Affordable Care Act. The company also recorded a $36.3 million offset to expenses for the final installment of the Federal Tax Refund.

Payments to Providers
+ $232,177,000
Administrative Expenses
+ $74,291,000
Other Expenses
- $36,258,000
Federal Tax Refund
Total Expenses
Numbers may not add up due to rounding.

Net Gain $42,421,000

Overall, total revenue stood at just over $1.71 billion, and expenses exceeded $1.67 billion in 2020, resulting in a net gain of $42.4 million.


This formulation represents unaudited results utilizing Statutory Accounting Principles. The Blue Cross and Blue Shield Association licenses Blue Cross & Blue Shield of Rhode Island to offer certain products and services under the Blue Cross and Blue Shield brand names. Blue Cross & Blue Shield of Rhode Island is an independent organization governed by its own Board of Directors and solely responsible for its own debts and other obligations. Neither the Association nor any other organization using the Blue Cross and Blue Shield brand names acts as a guarantor of Blue Cross & Blue Shield of Rhode Island’s obligations. A copy of Blue Cross & Blue Shield of Rhode Island’s most recent financial statements is available on request to: Blue Cross & Blue Shield of Rhode Island, 500 Exchange Street, Providence, RI 02903.