It was announced in September that Health Republic Insurance, the non-profit cooperative created under the Affordable Care Act, will shut down by the end of 2015. Weeks later, the Department of Financial Services found Health Republic’s finances were “substantially worse than reported” and ordered them to shut down operations by the end of November. State regulators have just announced that provider network MagnaCare will no longer will no longer process claims, a decision that could impede coverage for the 200,000 customers in New York State, and cost hospitals in the long run.
Those currently insured under Health Republic have until November 30th to find a new health insurance plan for the remainder of 2015. Members who do not select a plan by then will be auto-enrolled in a new plan, unless they choose to opt out. Online enrollment will run through Nov. 15, after which members will only be able to enroll by calling the customer service center at (855)329-8899.