Wellmark leaving individual ACA market in 2018

///Wellmark leaving individual ACA market in 2018

Wellmark leaving individual ACA market in 2018

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.

Read more: https://www.wellmark.com/about/newsroom/2017/04/03/2018-aca-market-decision

By |2017-04-03T16:51:43+00:00April 3rd, 2017|Health Insurance, PPACA|0 Comments

About the Author:

Brad Phillips is a Managing Partner with Phillips Stafford Insurance Group. Brad has been in the insurance and financial services industry since 2009. He spent time as a captive insurance agent before co-founding Phillips Stafford Insurance Group. Brad has been named a "Forty Under 40" by the Des Moines Business Record as well as a 2006 regional winner and top-10 finalist for the Global Student Entrepreneur Awards, presented by Mercedes-Benz Financial and the Entrepreneurs Organization (EO).

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