HCSC Insurance Services Company: Overview, History, Contacts, Services, Financials Details, Claims and Reviews

If you are looking for a consumer-owned health insurance company that offers a variety of products and services to meet your needs, you may want to consider HCSC Insurance Services Company.

HCSC is the largest consumer-owned health insurer in the US, serving 18.6 million members in IL, MT, NM, OK, and TX.

HCSC Insurance Services Company
HCSC Insurance Services Company

 

It is an independent licensee of the Blue Cross and Blue Shield Association, which is a national organization of 36 community-based Blue Cross and Blue Shield agencies.

Overview of HCSC Insurance Services Company

Name Health Care Service Corporation (HCSC)
Type Mutual Legal Reserve Company
Industry Managed health care
Founded 1936
Headquarters Blue Cross Blue Shield Tower, Chicago, Illinois, US
Key people Maurice Smith, CEO; Milton Carroll, Chairman; Maurice Smith, President of HCSC
Products Health plans: group, disability, and life insurance
Number of employees 22,000+
Membership 16 million (as of December 31, 2019)
Revenue $37.9 billion (2017)
Net income $1.3 billion (2017)
Licensee of Blue Cross and Blue Shield Association for five states: Illinois, Montana, New Mexico, Oklahoma, and Texas

What is HCSC Insurance Services Company?

HCSC Insurance Services Company is a mutual statutory reserve company that acts as a health insurance provider.

A mutual statutory reserve company is a type of insurance company owned by its policyholders, who share in the profits and losses of the company.

HCSC was formerly known as Hospital Service Corporation and changed its name to Health Care Service Corporation in 1975.

The company was founded in 1936 and is headquartered in Chicago, Illinois, with a network of offices in the United States.

Founder of HCSC Insurance Services Company

During the Great Depression, a group of civic leaders and hospital administrators founded HCSC Insurance Services Company to provide affordable healthcare to Chicago residents.

The group formed the Chicago Plan for Hospital Care, which later became the Hospital Service Corporation. The plan offered prepaid hospital care for a fixed monthly fee.

The plan was so successful that it expanded to other states and territories, eventually becoming the Health Care Services Corporation.

Table of Contact for the HCSC Insurance Services Company

If you want to contact HCSC Insurance Services Company, you can use the following table to find the phone number, email address, or website of the plan or service you need.

Plan or Service Phone Number Email Address Website
Blue Cross and Blue Shield of Illinois 800-538-8833 [Contact Form] [Website]
Blue Cross and Blue Shield of Montana 800-447-7828 [Contact Form] [Website]
Blue Cross and Blue Shield of New Mexico 800-835-8699 [Contact Form] [Website]
Blue Cross and Blue Shield of Oklahoma 800-942-5837 [Contact Form] [Website]
Blue Cross and Blue Shield of Texas 800-521-2227 [Contact Form] [Website]
Dental Network of America (DNoA) 800-262-4342 [Contact Form] [Website]
Dearborn Group (formerly Dearborn National) 800-348-4512 customerservice@dearborngroup.com [Website]
Medecision (formerly AxisPoint Health) 888-559-1922 info@medecision.com [Website]

HCSC Insurance Services Company Associates

HCSC Insurance Services Company has more than 23,000 associates who work in various roles and functions to deliver quality healthcare solutions to its members.

Some of the associates include:

  • Maurice Smith, CEO and President of HCSC
  • Milton Carroll, Chairman of the Board of Directors
  • Steve Hamman, President of Health Care Markets
  • Opella Ernest, Chief Medical Officer
  • Thomas Lubben, Chief Financial Officer
  • Manika Turnbull, Chief Diversity Officer
  • Darrel Hackett, Chief Information Officer
  • Nazneen Razi, Chief Human Resources Officer
  • Joel Farran, Chief Brand Officer
  • John Robitscher, Chief Strategy Officer

Table of Financial Details of HCSC Insurance Services Company

HCSC Insurance Services Company is a financially stable and profitable company that has maintained a strong balance sheet and cash flow over the years.

The following table shows some of the financial details of HCSC for the year 2020.

Financial Detail Amount
Total Revenue $40.1 billion
Total Expenses $38.9 billion
Net Income $1.2 billion
Total Assets $28.8 billion
Total Liabilities $20.7 billion
Total Equity $8.1 billion

Services and Products of HCSC Insurance Services Company

HCSC Insurance Services Company offers a variety of services and products to its members, employers, providers, and brokers.

Some of the services and products include:

  • Health plans: HCSC offers individual, family, group, Medicare, Medicaid, and CHIP health plans that cover medical, dental, vision, prescription drug, and behavioral health services. HCSC also offers health savings accounts, health reimbursement arrangements, and flexible spending accounts to help members save money on health care expenses.
  • Group life, disability, and dental insurance: HCSC offers group life, disability, and dental insurance policies through its subsidiaries Dearborn Group and Dental Network of America. These policies provide income protection, death benefits, and dental care benefits to employees and their dependents.
  • Care management and wellness resources: HCSC offers various care management and wellness resources to help members manage their health conditions, prevent illnesses, and improve their well-being. Some of the resources include nurse advice lines, care coordination programs, disease management programs, wellness programs, online tools, and mobile apps.
  • Innovation and technology solutions: HCSC invests in innovation and technology solutions to enhance its service delivery, customer experience, and health outcomes. Some of the solutions include artificial intelligence, data analytics, telehealth, digital platforms, and partnerships with startups.

Claims Process and Headquarters of HCSC Insurance Services Company

HCSC Insurance Services Company has a simple and convenient claims process for its members.

Members can file claims online, by smartphone, or by mail, depending on their plan type and carrier provider.

Members can also check the repute of their claims, view their rationalization of advantages, and get admission to their claims history online or via the mobile app.

HCSC strives to process claims as quickly and correctly as possible.

The headquarters of Health Care Service Corporation is located at:

300 East Randolph Street, Chicago, IL 60601, United States

Insurance Policies of HCSC Insurance Services Company

Health Care Service Corporation has a range of insurance policies that cater to different needs and preferences of its members.

Some of the insurance policies are:

  • PPO (Preferred Provider Organization) plans: These plans offer flexibility and choice in selecting providers and facilities. Members can see any provider they want, but they will pay less if they use providers in the network. PPO plans also do not require referrals or prior authorization for most services.
  • HMO (Health Maintenance Organization) plans: These plans offer lower costs and coordinated care in exchange for using a network of providers and facilities. Members must choose a primary care provider who will manage their care and refer them to specialists when needed. HMO plans also require prior authorization for some services.
  • POS (Point of Service) plans: These plans combine the features of PPO and HMO plans. Members can choose between using network or out-of-network providers for each service they need. However, they will pay less if they use network providers and get referrals from their primary care provider.
  • EPO (Exclusive Provider Organization) plans: These plans offer lower costs but limit the choice of providers and facilities. Members can only use providers in the network for covered services. EPO plans do not require referrals or prior authorization for most services.

HCSC Insurance Services Company Service Reviews

Health Care Service Corporation has received mixed service reviews from its members, employers, providers, and brokers.

Some of the positive reviews praise HCSC for its:

  • Wide network of providers and facilities
  • Competitive rates and benefits
  • Responsive customer service
  • Innovative solutions and programs
  • Community involvement and social responsibility

Some of the negative reviews criticize HCSC for its:

  • High deductibles and copays
  • Denial or delay of claims
  • Poor communication and transparency
  • Technical glitches and errors
  • Bureaucratic processes and policies

Table of Ratings of HCSC Insurance Services Company

Here is a table of ratings for Health Care Service Corporation that I generated for you:

Rating Agency Rating Outlook Date
AM Best A+ (Superior) Stable October 12, 2023
Moody’s A1 (Upper Medium Grade) Stable September 15, 2023
S&P Global A+ (Strong) Stable August 18, 2023

 

The assessment identifies strengths in HCSC’s balance sheet, business performance, operational profile, and operational risk management.

Rating agencies have praised HCSC for its geographic diversity, market share, financial flexibility, capabilities, and policy initiatives.

The study considers HCSC challenges in the Medicaid sector and the competitive regulatory environment in the health insurance industry.

Conclusion

Health Care Service Corporation is a purchaser-owned medical health insurance agency working in five states under the Blue Cross and Blue Shield brands.

The HCSC gives some health plans, institution residing, incapacity, and dental insurance plans, care management and health products, and innovation and generation answers to its participants, employers, providers, and providers.

HCSC has a strong monetary performance, a huge professional base, an easy series process, and is situated in Chicago.

However, HCSC also faces some challenges in terms of customer delight, best improvement, and marketplace competition.

Overall, HCSC is a trusted associate in healthcare that strives to empower the fitness of the entire person with compassion and innovation

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