Bright Health Group is pulling individual Obamacare and family health insurance plans from nine states, which will force hundreds of thousands of Americans to choose new healthcare coverage for next year.
Thehealth insurance company Tuesday”health insurance company Tuesday said it will “no longer offer Individual and Family Plan products through Bright HealthCare in 2023, or Medicare Advantage products outside of California and Florida.” The announcement came on a day Bright Health said raised $175 million “that is expected to close in the coming weeks and take the business through profitability.”
It’s unclear exactly how many enrollees will be impacted by the decision and faced with choosing new health plans for 2023. Bright Health, which became a publicly traded company just last year, had about 1 million total health plan enrollees projected for 2022, the company has said.
Bright Health couldn’t be reached this morning for comment on how many health plan subscribers would be impacted, but the move impacts customers in at least nine states, according to its press release on the exits.
“With this announcement, in addition to the previously announced market exits, Bright HealthCare will not offer Individual and Family health plans in Alabama, Arizona, Colorado, Florida, Georgia, Nebraska, North Carolina, Texas, and Tennessee after 2022,” the company said.
By scaling back to its largest healthcare markets, Bright Health said the company will be “profitable on an Adjusted EBITDA basis in 2023 and will serve underserved populations through its risk-bearing care delivery business, Medicare Advantage products, and the ACO REACH Program in states that covers 26% of the aging US population.”
“We have demonstrated the power of the Fully Aligned Care Model in serving aging