Georgians who get their health insurance through Friday Health Plans of Georgia, Inc. will soon be without coverage. State Insurance Commissioner John King announced Wednesday that the company, which operates under Friday Health Plans, is being placed into receivership to protect policyholders. The company has reported insolvency and is unable to raise additional funds from outside investors, the state insurance office says.
On March 8, Friday Health Plans was put under administrative supervision to address its reported surplus deficit.
“Our office closely monitored the company during this period and concluded that it couldn’t continue operating without putting policyholders at risk. Therefore, we are taking action to protect them,” says King.
Avoid coverage gaps
For policyholders with health insurance coverage through the federally facilitated exchange, your coverage will end on July 31, 2023. To ensure you have a chance to replace your current exchange coverage before it is terminated, the state insurance office has worked with the Center for Consumer Information and Insurance Oversight to establish a special enrollment period. This period will allow you to select another exchange health insurance plan starting from June 1 until September 29, 2023.
If you purchased health insurance from Friday Health Plans through the federal exchange, you must choose a new exchange health insurance plan by July 31, 2023, to avoid a gap in coverage. King says his office has created a website to assist affected members in the process of selecting a new exchange health insurance plan.
Remember, it is crucial for Friday Health Plans policyholders to choose a new health insurance plan before July 31, 2023, to avoid any gaps in coverage. Here are the important dates to keep in mind:
- June 1: Special Enrollment Period Begins
- July 31: Last Day to Enroll Without a Gap in Coverage
- August 1: All Friday Health Plans Policies Are Terminated
- September 29: Last Day of Special Enrollment Period
According to state insurance officials, providers are expected to continue serving all Friday Health Plans members and should not demand payment other than the proper cost share associated with the medical service and relevant health plan.
Providers will be paid for all covered claims for services performed prior to August 1, 2023.