via the North Carolina Dept. of Insurance (email; no link yet):
Insurance Commissioner Causey places Friday Health Plans of North Carolina Inc. into receivership
RALEIGH – North Carolina Insurance Commissioner Mike Causey announced today that Friday Health Plans of North Carolina Inc. (FHP-NC) has consented to being placed into receivership to protect North Carolina policyholders due to its reported insolvency and inability to raise additional funds from outside investors.
The petition for receivership is expected to be filed with the Wake County Superior Court today and the receivership order will be posted on the North Carolina Department of Insurance website after the order is signed.
Friday Health Plans, Inc., the parent company of Friday Health Plan of Colorado, ,Inc. (HMO), has announced that it will begin to wind down its business activities throughout the country, working in close conjunction with state regulators, including the Colorado Division of Insurance.
In recent months, it became apparent that the parent company would need to raise substantial capital to continue. Friday was ultimately unable to raise that capital and on June 1, Friday Health Plans, Inc. (Parent) stated publicly that they would begin to wind down.
...Well, just one day after the Bright Healthcare bombshell news broke, Texas-based health insurance broker Jenny Chumbley Hogue sounded the alarm on another large carrier bailing on Texas next year:
And its confirmed. Email received from Friday. Buckle up folks! Individual OEP in Texas is going to be a bumpy ride! https://t.co/AMNJ4rPyr3
...Well, just one day after the Bright Healthcare bombshell news broke, Texas-based health insurance broker Jenny Chumbley Hogue sounded the alarm on another large carrier bailing on Texas next year:
UPDATE 3/15/23: The agreed-to Medicaid expansion deal has passed the NC State Senate! It now just needs to pass the state House one final time and then it's on to Gov. Cooper's desk to be signed into law!
RALEIGH, N.C. (AP) — The North Carolina General Assembly began on Tuesday what could become the final push to expand Medicaid to hundreds of thousands of low-income adults in the state with a House measure that quickly advanced through two committees with bipartisan support.
The bill is generally expected to pass the NC House as soon as today...and a different version of the bill is expected to pass the state Senate as well. The issue is the difference between the two versions:
Today, the U.S. Department of Health and Human Services (HHS), through the Centers for Medicare & Medicaid Services (CMS), approved the extension of Medicaid and Children’s Health Insurance Program (CHIP) coverage for 12 months after pregnancy in North Carolina. As a result, up to an additional 28,000 people will now be eligible for Medicaid or CHIP for a full year after pregnancy in North Carolina. With today’s approval, in combination with previously approved state extensions, an estimated 361,000 Americans annually in 24 states and D.C. are eligible for 12 months of postpartum coverage. If all states adopted this option, as many as 720,000 people across the United States would be guaranteed Medicaid and CHIP coverage for 12 months after pregnancy.
MICHIGAN: Another One (Mostly) Bites The Dust; 12th CO-OP Drops Off Exchange, May Go Belly-Up
It appears that East Lansing-based Consumers Mutual Insurance of Michigan could wind down operations this year as it is not participating in the state health insurance exchange for 2016.
But officials of Consumers Mutual today are discussing several options that could determine its future status with the state Department of Insurance and Financial Services, said David Eich, marketing and public relations officer with Consumers Mutual.
Consumers Mutual CEO Dennis Litos said: "We are reviewing our situation (financial condition) with DIFS and should conclude on a future direction this week.”
While Eich said he could not disclose the options, he said one is “winding down” the company, which has 28,000 members, including about 6,000 on the exchange.
North Carolina has posted their preliminary 2023 individual and small group market rate filings. For the most part there's nothing terribly interesting or unusual that catches my eye, although I am a bit curious about Bright Health Co. and Friday Health Plans on the small group market. Both of them supposedly just entered the North Carolina sm. group market in 2022 and both are supposedly dropping out of it in 2023...or at least neither one of them is listed on the 2023 filing summary. Huh.
It's also worth noting that the enrollment totals for each carrier are projected for 2023, not current, though I'd imagine the relative market share is roughly the same, which would mean the weighted average rate increase would be around the same statewide as well.
