New Jersey's largest health insurer says it will be using $150 million in refunds from the federal tax overhaul for its members.
Horizon Blue Cross Blue Shield of New Jersey also announced Wednesday that it will be spending an additional $125 million over five years on health initiatives — including programs that connect people to mental health and substance abuse services.
Kevin Conlin, the chairman, president and CEO of Horizon Blue Cross and Blue Shield of New Jersey said in a statement the investment will "expand access to care, improve health care quality and lower costs."
Horizon is a not-for-profit, but had been paying the alternative minimum tax going back to 1986. That tax was eliminated under the 2017 federal tax overhaul, meaning the company is expecting refunds through 2022.
Horizon says it's working with the Department of Banking and Insurance to determine how to use the funds this year.