10/05/2015

Health Republic To Stop Writing Policies

Health Republic Insurance of New York, a nonprofit insurance cooperative, will discontinue writing new policies and close business after existing policies expire, citing the likelihood that they will become financially insolvent at year end.

The Department of Financial Services said current individual coverage should continue through Dec. 31 for 108,000 people, most of whom signed up through New York’s health exchange.
Health Republic, which opened in October 2013, said it would keep processing all claims through the end of the year. However, the cooperative is the subject of numerous complaints about non-payment of claims.

The Department of Financial Services said they would evaluate how to proceed with those policies based on Health Republic’s continuing financial problems. Providers may make claims for failure to make prompt payment through the Department’s online portal.