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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busymomonli
Resident Insomniac
Member since 4/13 2053 total posts
Name:
|
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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