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June 01, 2023 at 05:08 PM
After Georgia announced Wednesday that it has placed Friday Health Plans of Georgia into receivership, the national Friday Health Plans organization said it will be winding down its operations in all states.
The 8-year-old, Denver-based insurer had about 382,000 enrollees in seven states in April, when the Texas Department of Insurance put the Friday Health plan in its state in receivership and ordered it to liquidate, according to enrollment numbers compiled by ACASignups.net, an Affordable Care Act program tracking site.
The company had about 89,000 health plan enrollees outside of Texas.
Friday Health said that the process of winding down might vary from state to state. Regulators in Colorado, for example, said they believe that their state’s Friday Health plan has enough assets to pay claims until the end of the year.
In Georgia, coverage will end July 31, and enrollees will have a chance to sign up for new coverage through a special enrollment period that ends Sept. 29.
What It Means
For affected clients, the news means that they may have to find new coverage and pay close attention to the local rules and guaranty fund programs affecting enrollees in insolvent plans.
