Health Republic of New York, the nation’s largest Obamacare co-op, had been ordered shut down by state regulators last month. But to everybody’s surprise, the insurer’s finances are so dismal that they will have to be shut down in two weeks leaving roughly 215,000 customers scrambling to find new, potentially less affordable plans.
Health Republic, one of New York’s largest health insurers on the state’s exchange, will be shut down by Nov. 30, and customers will need to find new policies in two weeks, state officials announced Friday.
Federal and state regulators on Sept. 25 ordered Health Republic, which covered about 20 percent of private insurance plans on New York State of Health, to be shut down by year’s end.
But the state announced Friday that the “company’s financial condition is substantially worse than the company previously reported in its filings” to the state Department of Financial Services.
Continues on MenRec