Health insurer says it will use tax refunds for members
TRENTON, N.J. (AP) — New Jersey’s largest health insurer says it will be using $150 million in refunds from the federal tax overhaul for its members.
Horizon Blue Cross Blue Shield also announced Wednesday that it will be spending an additional $125 million over five years on health initiatives.
Horizon is a not-for-profit, but had been paying the alternative minimum tax going back to 1986. That tax was eliminated under the 2017 federal tax overhaul, meaning the company is expecting refunds through 2022.
Horizon says it’s working with the Department of Banking and Insurance to determine how to use the funds this year.
The company also plans to invest $125 million over five years on programs to connect people to mental health and substance abuse services