Blue Cross Blue Shield of Louisiana will use funds from its acquisition by Elevance Health to establish a $3 billion foundation to address health equity and will disperse payments to some members, The Advocate reported Feb. 15.
The payer’s current foundation is valued at $50 million.
In addition to establishing the foundation, the payer will also disperse some of the money from the deal to its members. To be eligible for a payment, members must have held a policy on Jan. 23, the day the acquisition was made public, and when the deal closes.
The financial terms of the deal have not been disclosed. Elevance expects to add 1.6 million members and $4.5 billion in revenue from the purchase.
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