By Harold Brubaker
The Philadelphia Inquirer
With people nervous about going to the hospital and both elective and non-urgent care greatly reduced, it turns out that 2020 was a very profitable year for Independence Blue Cross.
IBC, the Philadelphia region’s largest health insurer, on Tuesday reported 2020 net income of $622 million — almost double its $321 million income in 2019, before COVID-19 struck.
On a percentage basis, the figure for 2020 was Independence’s highest profit margin since 2011, records show. However, the 2020 results included a onetime $209 million Obamacare-related payment from the federal government. The company also did well in the stock market.