Page 12 - Farm Bureau Health Plans Annal Report 2020

2020 By the numbers
Total Premium Income Combined Expense Ratio
$500,000,000
$452,789,623
$428,528,403
$413,235,111
$400,000,000 10.94%
78.71% CLAIMS 3.12%
& CLAIMS ADMINISTRATION 7.23%
$300,000,000
10.94% CHANGE TO
PREMIUM RESERVES
$200,000,000
3.12% FEDERAL
& STATE TAXES
$100,000,000
78.71%
7.23% OPERATING EXPENSES
$0
2018 2019 2020
Projected for 12/31/20 As of 9/30/20
Farm Bureau Health Plans’ total premium income Claims and claims administration represented the majority
for 2020 is projected to be $452,789,623. More than of Farm Bureau Health Plans’ expenses in 2020, with the
80% is expected to directly pay claims and claims next largest category being operating expenses. Our
administration for our members. combined operating expenses also included nearly $3.64
million (through September) to provide FBHP services in

local Farm Bureau offices.

Total Lives Covered Teladoc Usage Growth

7,000
6,511
204,791
193,241
200,000 186,133 6,000 5,561
5,000
150,000 3,927
4,000
100,000 3,000
2,000
50,000
1,000
0 0
2018 2019 2020 2018 2019 2020
As of 10/31/20 Projected for 12/31/20
The number of lives covered by Farm Bureau Health With telemedicine becoming one of the fastest growing
Plans at the end of October totaled 204,791. These areas of health care today, FBHP has seen Teladoc usage
members are covered by a variety of plans, including steadily rise since its addition to our Under 65 plan benefits
individual, family, dental and Medicare Supplements. in 2018. Member visits since 2018 via phone, web or app
10
have grown more than 60%.