A History Lesson
In the 1940’s, the company currently known as the Blue Cross Blue Shield Association was created and formed the first national Blue company, Health Services, Inc. (HSI), a life insurance company. Another similar national Blue entity, Medical Indemnity of America (MIA), a property and casualty insurance company, was formed, and the two organizations merged operations, becoming known as HSI-MIA.
HSI-MIA issued the first national Blue hospital contracts for the automotive and telecom industries, creating national account standards for Blue Plans. They also pioneered vision, dental, and chiropractic benefits for national accounts.
Creating BCS Financial
BCS Financial Corporation was officially created on June 18, 1981 to own HSI-MIA. HSI was renamed BCS Life Insurance Company (BCSL), while MIA was renamed BCS Insurance Company (BCSI). BCSL would later become 4 Ever Life Insurance Company.
In those first few years, BCS developed and launched the BCBS Organ and Bone Marrow Transplant Pool for BCBS Plans and the Group Universal Life program for BCBS employees. BCS went on to underwrite healthcare coverage for the 1984 and 1988 U.S. Olympic Teams and began reinsuring BCBS Plan segments of members.
Looking to the Future
Today, BCS honors the sentiment of those early companies by focusing on innovative solutions to support the health insurance market. From new gene therapy reinsurance options for health plans to first-of-their-kind critical illness policies and riders for employees, BCS is focused on increasing access to and affordability of health care.
Join us on our journey! Check out bcsf.com to see our full suite of solutions, and follow us on LinkedIn.
