Major NY insurer pulls out of ObamaCare due to severe losses

A major insurer run by New York state’s largest medical provider is pulling out of ObamaCare because of massive losses, the company announced Thursday.

Northwell Health (the former North Shore-Long Island Jewish Medical Center network ) blamed a flawed provision in the Affordable Care Act — and the lack of action in Washington to fix it — as the culprits for winding down its CareConnect insurance company.

CareConnect enrolled 14 percent of firms in New York’s small group market and 8 percent of customers in the individual ObamaCare market — mostly on Long Island and in New York City.

The firm said it had to pay $112 million last year into a risk insurance pool created to prop up insurers that had a disproportionate number of high-risk or money-losing clients.

The pool was designed to prevent insurers from “cherry-picking” younger and healthier customers who are less expensive to cover.

Comments

Privacy Policy

Major NY insurer pulls out of ObamaCare due to severe losses is dedicated to protecting consumer privacy on the Internet. Our practices are consistent with privacy guidelines established by eTrust.com.

Major NY insurer pulls out of ObamaCare due to severe losses does not require any personal information to obtain access to our website.

Major NY insurer pulls out of ObamaCare due to severe losses does require limited personal information including name and mailing address from individuals wishing to join as members. Additional information such as e-mail address and phone number may also be requested in order that we may contact members in a timely manner on issues related to our mission.

You will only receive e-mail from us if you request to be added to our e-mail list. You may revise or remove your e-mail address from our files at any time.

Major NY insurer pulls out of ObamaCare due to severe losses uses "cookie" technology to obtain non-personal information from our online visitors, such as browser/computer type, number of visitors, and site usage. We do not use cookies to extract personal information.

Our website contains links to other sites, but Major NY insurer pulls out of ObamaCare due to severe losses does not necessarily advocate, support or condone the privacy practices or content of these websites.

Major NY insurer pulls out of ObamaCare due to severe losses makes all information received from our online visitors as secure as possible against unauthorized access and use. All information is protected by state-of-the-art security technology.

Major NY insurer pulls out of ObamaCare due to severe losses respects the individual privacy rights and concerns of visitors to our website. We support meaningful self-regulation of the Internet to ensure that responsible organizations maintain the right to use all communications media to interact with the public.