Horizon Blue Cross Blue Shield of New Jersey will invest part of the $550 million in anticipated tax savings during the next five years into behavioral health efforts to fight opioid addiction.
The anticipated tax savings stem from recent federal tax changes.
The company said it may also use some funds to contain health care premiums and is working with the state’s Department of Banking and Insurance to identify ways in which it can improve programs and create initiatives for benefiting policy holders.
Horizon said it wants to expand programs and platforms to connect members to behavioral and mental health services, to provide more access to primary care and to address special health care challenges of populations in low-income areas.
“In keeping with our long-standing mission to operate for the benefit of our customers, this plan seeks to provide to them this year in the most direct way possible,” Horizon CEO Kevin Conlin said.
Governor Phil Murphy, in a written statement, added “I commend Horizon Blue Cross Blue Shield for reinvesting these profits into New Jersey through efforts such as increasing access to primary care in underserved communities, more fully connecting their members to behavioral and mental health programs, and strengthening substance abuse prevention. They are setting the bar for how corporations can responsibly reinvest in our communities.”