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Blue Cross Blue Shield of Florida Review

Blue Cross Blue Shield of Florida Ratings and Company Information

Company Rating:
Best Insurance Reports: 68174
Best Rating: A

Type of Insurance Company: Blue Cross Blue Shield

Name of Parent Company:
Blue Cross and Blue Shield of Florida, Inc.

Company Overview:
Company History: Blue Cross Blue Shield of Florida (BCBSF) is the oldest and largest health insurer in Florida. BCBSF is headquartered in Jacksonville, Florida, and insures approximately 4 million people giving it about a 30% share of the health insurance market in the state. Additional operations conducted through subsidiaries expand its reach to more than 7 million Floridians. When Medicare administration services that the company provides to people in Florida and Connecticut are included the company’s services extend to 8.3 million individuals. BCBSF has 3 main lines of business – Health, Specialty and Business. The Health line of business provides health care products that include traditional health insurance, PPO plans, HMOs, and multi-option plans. The Specialty line of business includes life insurance, disability insurance, dental coverage, workers’ compensation and long term coverage. The Government line of business administers Medicare programs in Florida and Connecticut through a subsidiary. Blue Cross Blue Shield of Florida recently launched a number of other product offerings including health savings accounts and low cost products targeted to small business and individual customers. Other businesses for the company include ASO (administrative services only) and fee based services as well as administration of health benefits under the Federal Employees Health Benefit Program. A joint venture with Arkansas Blue Cross and Blue Shield in 2005 combined the life insurance and specialty businesses of the two organizations under a jointly owned holding company.

Blue Cross Blue Shield of Florida distributes its products through multiple distribution channels that include its own sales force, contracted general agents and telemarketing.

Blue Cross Blue Shield of Florida traces its beginnings to Florida Hospital Service Corporation which began in 1944 as the forerunner of Blue Cross of Florida and Florida Medical Services Corporation which began in 1946 and became Blue Shield of Florida. The two organizations merged in 1980 to become Blue Cross Blue Shield of Florida.

Principle Sales Methods: (BCBSF) is the oldest and largest health insurer in Florida. BCBSF is headquartered in Jacksonville, Florida, and insures approximately 4 million people giving it about a 30% share of the health insurance market in the state. Additional operations conducted through subsidiaries expand its reach to more than 7 million Floridians. When Medicare administration services that the company provides to people in Florida and Connecticut are included the company’s services extend to 8.3 million individuals. BCBSF has 3 main lines of business – Health, Specialty and Business. The Health line of business provides health care products that include traditional health insurance, PPO plans, HMOs, and multi-option plans. The Specialty line of business includes life insurance, disability insurance, dental coverage, workers’ compensation and long term coverage. The Government line of business administers Medicare programs in Florida and Connecticut through a subsidiary. Blue Cross Blue Shield of Florida recently launched a number of other product offerings including health savings accounts and low cost products targeted to small business and individual customers. Other businesses for the company include ASO (administrative services only) and fee based services as well as administration of health benefits under the Federal Employees Health Benefit Program. A joint venture with Arkansas Blue Cross and Blue Shield in 2005 combined the life insurance and specialty businesses of the two organizations under a jointly owned holding company.

Blue Cross Blue Shield of Florida distributes its products through multiple distribution channels that include its own sales force, contracted general agents and telemarketing.

Health Business: Blue Cross Blue Shield of Florida (BCBSF) is the oldest and largest health insurer in Florida. BCBSF is headquartered in Jacksonville, Florida, and insures approximately 4 million people giving it about a 30% share of the health insurance market in the state. Additional operations conducted through subsidiaries expand its reach to more than 7 million Floridians. When Medicare administration services that the company provides to people in Florida and Connecticut are included the company’s services extend to 8.3 million individuals. BCBSF has 3 main lines of business – Health, Specialty and Business. The Health line of business provides health care products that include traditional health insurance, PPO plans, HMOs, and multi-option plans. The Specialty line of business includes life insurance, disability insurance, dental coverage, workers’ compensation and long term coverage. The Government line of business administers Medicare programs in Florida and Connecticut through a subsidiary. Blue Cross Blue Shield of Florida recently launched a number of other product offerings including health savings accounts and low cost products targeted to small business and individual customers. Other businesses for the company include ASO (administrative services only) and fee based services as well as administration of health benefits under the Federal Employees Health Benefit Program. A joint venture with Arkansas Blue Cross and Blue Shield in 2005 combined the life insurance and specialty businesses of the two organizations under a jointly owned holding company.

Blue Cross Blue Shield of Florida distributes its products through multiple distribution channels that include its own sales force, contracted general agents and telemarketing.

Blue Cross Blue Shield of Florida traces its beginnings to Florida Hospital Service Corporation which began in 1944 as the forerunner of Blue Cross of Florida and Florida Medical Services Corporation which began in 1946 and became Blue Shield of Florida. The two organizations merged in 1980 to become Blue Cross Blue Shield of Florida.

Company Financial Status:
Assets & Premiums: Blue Cross Blue Shield of Florida had assets of $6.1 billion at the end of 2006 and total revenue for 2006 amounted to $7.5 billion.

Lines of Insurance:
Health

States licensed to sell insurance in:
FL

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