Baptist Health Plan has announced that it will no longer be selling its policies in the state in 2017.
Baptist Health Plan has announced that it will be leaving the Kentucky insurance exchange next year. This will mean that approximately 7,000 people across the state will need to find new coverage for 2017.
The health insurance company is the fourth largest in the state and notified officials of its decision via letter.
The president of the insurance company, James S. Fritz, shared the reason for leaving the Kentucky insurance exchange in a press release. Fritz explained that its health plan enrollment was greater than anticipated. He pointed out that the federal risk assessments that are a component of the Affordable Care Act have made this situation “unsustainable.”
The policies previously sold over the Kentucky insurance exchange will continue until the end of the year.
People who have already purchased coverage through Baptist Health Plan by way of the state’s insurance exchange will keep their coverage through December 31, 2016. After that time, their policies will expire. They will need to purchase new coverage from another company.
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That said, for customers who purchased their health plans from the insurer off the insurance marketplace, coverage will continue until March 31, 2017. This being the case, after that date they, too, will need to find coverage from a different insurance company.
That said, the impact of the withdrawal of this insurance company extends beyond the 7,000 who will need to find new coverage. It also means that throughout the state of Kentucky, there will be 59 counties in which the residents will be able to purchase health plans from only a single insurer. These residents will still be able to choose from among several plans, but they will all be offered by the same insurance company.
Off the Kentucky insurance exchange, there will be at least two options in the majority of counties, said state officials. However, the marketplace is facing dwindling competition as a result of this most recent withdrawal. The impact this will have on the rates charged to consumers in the state has yet to be seen.