$3 Billion to Go to Foundation Run by Four Board Members

Four members of the Board of Directors of Blue Cross/Blue Shield of Louisiana have resigned their positions to serve as initial Board members for a new foundation called Accelerate Louisiana Initiative. 

The new foundation would receive $2.5 billion from the sale of Blue Cross to insurance company Elevance and $770 million from the reserves of Blue Cross to fund its work.  Foundation acting chairman Tim Barfield said the funds will be used to address health inequalities across the state.  “We plan a small set of focused initiatives,” he said.

The foundation incorporated in Delaware last December as a 501(c)(4) corporation.

Barfield said the foundation will begin its work only if the sale goes through and provides the funding.