We have just received notification that Wellmark will stop selling individual ACA plans beginning January 1st, 2018. They will also non-renew current ACA plans at that time. If you are on a group plan or a grandfathered/grandmothered plan (purchased prior to 01/01/14) your coverage will not be affected. This will affect about 21,400 members, or 1.3% of Wellmark policy holders. Individual and family members with ACA plans will continue to be covered through December 31st, 2017.
The decision is a result of double-digit premium increases along with a $90 million dollar underwriting loss. Both are unsustainable.
“Finding solutions to stabilize this market is in the best interest of all Iowans, including providers of health care and insurance carriers,” said Wellmark Chairman and CEO John Forsyth. “No one really benefits from rising costs. While there are many potential solutions, the timing and relative impact of those solutions is currently unclear. This makes it difficult to establish plans for 2018.”
We will be reaching out to all our clients that this affects as soon as we have more information.