As so often, the health insurance market place doesn’t make things easy for insurance buyers. After Bright Healthcare has exited the marketplace for individual plans pretty much entirely just recently, another big player will be dropping their plans from the exchange and people in Texas who buy their plans through the Affordable Care Act (ACA) marketplace will have to find a new health insurance plan, if they want to or not.
Not too long after Bright Healthcare bailed because of financial issues and maybe also because of legal troubles that were appearing in some areas, rumors of Friday Health Plans not being able to generate the finances needed to stay in the Texas market started to accumulate.
To be honest, we were a little upset about these news, given the fact that we had many clients who truly enjoyed their plan with this carrier in Texas. Even though the hope was that the rumors were untrue and Friday Health Plans would ultimately remain in the Texas health insurance market place, a message later confirmed the concerns.
Clients who are not eligible for an advance tax credit and get their plans with us via off-exchange enrollment or do not have the desire to take advantage of the advance tax credit will not be impacted by this change. And it seems Friday Health Plans has the explicit intention to re-enter the Texas health insurance marketplace in 2024. So, I guess we could consider this a silver-lining.
We definitely hope they will be back in full force, because they seem to have the right ideas when it comes to managing their business and plans well, even though it may look differently from a consumer perspective at first glance.
The Affordable Care Act (ACA) marketplace is not an easy playfield for health insurance companies, but to keep things simple for our clients, we will help you navigate the new options during Open Enrollment starting November 1st of 2022.
Nevertheless, for around 230,000 clients who are currently enrolled in Friday Health Plans in Texas, the Open Enrollment period 2022 will be a stressful one, especially if they enjoyed their coverage.
To alleviate some of that stress during Open Enrollment 2022, contact us and tell your friends about us; because this is what this health insurance brokerage was built for. To be the best consultants and brokers you could ever wish for when it comes to finding health insurance and navigating all available health insurance options, even the ones other agents and brokers don’t know about.
