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busymomonli
Resident Insomniac
Member since 4/13 2053 total posts
Name:
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Health Republic of NY
Is anyone else being effected by the shutting down of this insurer? I do not have it through the marketplace, but through my husbands employer. Does anyone know when it will end for small private companies?
I'm hoping his company is aware of all this and actively looking for a new insurer. They tend to wait until the last minute for things.
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Posted 9/29/15 1:55 PM  |
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Binx214
LIF Infant
Member since 9/07 98 total posts
Name:
Danielle
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Health Republic of NY
Holy cow! We have this through the marketplace and had no idea until I just read this. Guess it's a good thing it's almost renewal time for us. ??
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| Posted 9/29/15 2:10 PM |
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Kitten1929
LIF Adult
Member since 1/13 6040 total posts
Name:
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Health Republic of NY
What?! My husband's company just switched to them as of 9/1!
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| Posted 9/29/15 2:18 PM |
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busymomonli
Resident Insomniac
Member since 4/13 2053 total posts
Name:
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Health Republic of NY
My husbands company switched to them in July. If you go their web page it gives some details as well...
Facing insolvency, the co-op health insurance plan operating under the state's Obamacare health exchange is being shut down.
Health Republic Insurance of New York will cover existing policies through the end of the year, and the approximately 200,000 New Yorkers enrolled in the plan are being told to start shopping among the other 16 insurance companies still offering coverage through the state health exchange.
"Given Health Republic's financial situation, commencing an orderly wind-down process before the upcoming open enrollment period is the best course of action,'' Anthony Albanese, acting superintendent of financial services, said in a statement Friday afternoon announcing the closure.
The co-op was ordered to stop writing new policies immediately.
The closure is unlikely to have a big effect in the Capital Region because New York City-based Health Republic had earlier said it was pulling out of several counties in the area in an effort to consolidate. The co-op also had a relatively small network of Capital Region hospitals and doctors that participated in its plan.
"There are certainly plenty of alternatives in the Capital Region,'' said Leslie Moran, senior vice president at the NY Health Plan Association, a trade group of insurers.
The co-op appears to be suffering the same fate as several other such operations nationwide.
Using federal seed money, Obamacare envisioned allowing co-ops, or non-profit organizations similar to mutual insurance firms or credit unions, to compete in state-run health exchanges, or marketplaces for affordable health insurance.
The idea was they could keep costs down and eventually be governed by their own members.
But some lacked the marketing expertise and didn't necessarily have the actuarial data, or projections about costs, that established health insurance plans had when they entered the exchanges.
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| Posted 9/29/15 2:28 PM |
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DaniJude
You're My Home <3
Member since 11/06 14815 total posts
Name:
Danielle
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Re: Health Republic of NY
What a disaster. 
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| Posted 9/29/15 3:12 PM |
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chilltocam
LIF Adult
Member since 11/11 9141 total posts
Name:
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Re: Health Republic of NY
Here is a FAQ for those enrolled through the Marketplace
NYSOH FAQ for Health Republic
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| Posted 9/29/15 4:38 PM |
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