Information for this blog comes from FOXNews broadcasted on June 28, 2017 and an article written by Todd Bookman Minuteman Health, Inc. To Stop Selling Insurance in N.H. dated June 23, 2017.
Minuteman Health of Massachusetts and New Hampshire announced that they will be leaving the Affordable Care Act (ACA) Exchange as of January 1, 2018. The company will no longer be selling health insurance policies in the granite state as of January 1, 2018. Minuteman was created as a co-op for the Obama healthcare. Currently, they insure roughly 27,000 people in New Hampshire. They have assured the NH Insurance Commissioner that they have the resources to pay all claims for current clients through 2017.
The company cited financial challenges due to the uncertainty of ACA. With Minuteman leaving the state, only three options will be available on the Exchange as of the New Year. The remaining companies are Anthem, Ambetter (direct sales only) and Harvard Pilgrim Elevate. Harvard Pilgrim Elevate is a joint venture between Elliott Hospital, Dartmouth Hitchcock and Harvard Pilgrim. Harvard Pilgrim Insurance has also indicated that parent company, Harvard Pilgrim of NH will not be selling health insurance in 2018. These withdrawals have caused Gov. Chris Sununu to state, “Minuteman Insurance’s departure is more clear evidence that the ACA has failed and that our nation’s healthcare system requires reform. This further underscores why Washington must act now to reform our healthcare system and take actions to stabilize the individual health insurance market,” Sununu concluded.
Minuteman executives are diligently working to relaunch the insurance company as a for profit insurance company. They fully intend to sell health policies in NH in 2018. A new for-profit Minuteman will need to obtain regulatory approval from the New Hampshire Department of Insurance by August 16, 2017. Upon completion of approval, Minuteman executives promise a smooth transition for current insureds into the new company starting January 1. This is a monumental task as it requires access to a substantial capital reserve and involves the filing of numerous documents necessary to gain permission from the state to sell policies. More information should be available near the end of August.
At Brownell Insurance, it is our promise to stay up to date on this ever-changing marketplace of personal and group health insurance. All individuals who have personal health insurance with Minuteman Health or Harvard Pilgrim of New Hampshire will need to migrate to one of the remaining carriers, effective January 1, 2018. All health insurance clients of Brownell Insurance will be contacted starting in October for an appointment to discuss Open Enrollment which begins on November 1. At that time, we will have a better understanding of your options to assist you in making an informed decision. Open Enrollment ends on December 15. Please feel free to call us at 603-437-1992 if you have questions or concerns that you would like to discuss before October.