Horizon Blue Cross Blue Shield of New Jersey (Horizon BCBSNJ) recently announced they will be issuing a $95 premium rebate check that will be mailed out this month to 148,000 members who purchased a policy from Horizon BCBSNJ in 2018. A similar check worth $898 will be issued to 29,000 small groups. 

“Insurance premiums reflect the underlying cost of health care, so when we succeed in keeping costs under control, our members benefit not just through lower out-of-pocket costs, but through reduced premiums and rebates like this,” Michael J. Considine, Vice President of Consumer, Small Group and Mid-Sized Markets for Horizon BCBSNJ, said. “Horizon collaborates with health care partners to ensure our members can access quality care at affordable costs with products like OMNIA Health plans, so we are pleased when these efforts help to enable us to send some of our members a rebate for 2018.”

Each year, Horizon BCBSNJ projects premiums for the next year based on actuarial estimates of what the company expects to pay in claims. Rebates are created when costs fall below projected claim costs. In total, Horizon BCBSNJ will be rebating $40.5 million for 2018.

Cosmo Insurance Agency is an independent insurance agency serving surrounding communities in New Jersey. Cosmo keeps its promise to assure an efficient and creative approach to the services we offer. Each of our clients experience a personalized and long-term relationship with us. Our New Jersey based team of health brokers guides our clients in helping them choose the most cost-effective options. By incorporating the latest in technology-based tools and laws on healthcare, employee benefits, life insurance and finance, we keep our clients up-to-date with the plans that encompass all of their needs, whether it is individual or group insurance