Georgia residents may soon be uninsured as over 35,000 health insurance holders with Friday Health Plan must seek alternative coverage by the end of July, following the state’s decision to assume control of the financially troubled insurer.
Placed Under State Control:
The Georgia Insurance Commissioner declared the Friday Health Plan, a health insurance provider, as insolvent and unable to source additional income from external investors, prompting the state to place the company into receivership. This drastic step came after the insurer reported a capital shortfall in March and underwent an enhanced supervisory period. The decision was primarily made to safeguard policyholders, according to officials from the Insurance Commissioner’s office.
Special Enrollment Window Opens:
To facilitate a seamless transition and avoid coverage gaps for consumers, state and federal officials have initiated a special health insurance enrollment period that began recently. Members have until July 31 to register for a new policy if they want to ensure continuity in their health coverage.
Next Steps for Policyholders:
The special enrollment period, which ends on September 29, offers affected policyholders an opportunity to select a new health insurance provider. Georgia has set up a dedicated website to assist impacted members in choosing a suitable plan. The situation underlines the importance of consumers proactively managing their healthcare coverage, particularly in uncertain times.
