N.Y. Hospital System Closing Its Insurance Plan, Citing Problems With Health Law Rules
Northwell Health says it is shutting down its CareConnect Insurance Co., which covers 126,000 state residents, because of the federal government's inability to correct "regulatory flaws that have destabilized insurance markets."
The Wall Street Journal:
New York’S Largest Hospital System Is Closing Its Insurance Business
Citing financial losses wrought by inaction and uncertainty in Washington, New York State’s biggest hospital system is shuttering its four-year-old health insurance division that sold coverage, some of it via Obamacare. The division, CareConnect Insurance Co., insures 126,000 New Yorkers who will have to purchase coverage elsewhere when the hospital system, Northwell Health, phases out its insurance operation next year. (Nir, 8/24)
Bloomberg:
New York Hospital Cites Repeal Drama In Closing Obamacare Unit
New York State’s biggest hospital system plans to stop selling Obamacare plans, blaming a costly part of the law and uncertain prospects for a fix amid a wider Washington brawl over health care. Northwell Health said in a statement that it will wind down its four-year-old CareConnect Insurance Co. business over the next year, after it suffered financial losses linked to a program designed to steady the exchanges where consumers can buy coverage. ( Zachary, 8/24)
Modern Healthcare:
Northwell Health Shutting Down CareConnect Insurance Unit
"It has become increasingly clear that continuing the CareConnect health plan is financially unsustainable, given the failure of the federal government and Congress to correct regulatory flaws that have destabilized insurance markets and their refusal to honor promises of additional funding," Northwell President and CEO Michael J. Dowling said in a statement. (Livingston, 8/24)
