Health Republic to Shut Down One Month Sooner Than Expected
By [email protected] ~ Posted Fri, 10/30/2015 - 4:28pm
A health insurance co-op that was scheduled to be shut down by the state due to financial problems will be closing sooner than expected.
Last month, the New York State Department of Financial Services (along with federal regulators) ordered Health Republic Insurance of New York to stop writing health insurance policies. Originally, the Health Republic would continue their current policies until the end of the year.
State regulators deemed the insurerâ€™s finances in such bad shape they will end coverage by the end of November.
The health insurance co-op had some of the least expensive policies in the state and enrolled about 200,000 New Yorkers.
Current customers of Health Republic can use the state health exchange by November 15th to enroll in a policy to start on the first of December.