Over 150.000 insurance professionals and consumers come to the Insurance Forum every month. Click here to register for FREE

Go Back   Insurance Forums > Insurance Agents and Brokers Forum > Health Care Reform Forum

Reply to CareConnect Shuts Down in NY     
Old 08-25-2017, 08:39 AM   #1
Join Date: Feb 2013
State: RayNY is an Insurance Agent from New York
RayNY is a member of 1000 posts VIP club
CareConnect Shuts Down in NY CareConnect Shuts Down in NY
Front page news today is that CareConnect is closing up shop.

Northwell to shut down insurance subsidiary CareConnect | Newsday

You may remember that last year, CareConnect threatened to close after being screwed out of a quarter billion dollars through the flawed Risk Adjustment calculations, withheld Risk Corridor payments (and now withheld CSR payments.)

In response, the NY DFS promulgated emergency regulation (Press Release - September 9, 2016: DFS Issues Emergency Regulation to Address New York Factors Necessary to Remedy Adverse Impact of Federal Risk Adjustment Program on New York Health Insurers ) that would essentially collect and re-distribute the RA payments as a way to correct the flawed federal calculations and keep CareConnect from pulling out. It was only in effect for 2017, and would be re-visited for 2018. That was Sept. 2016, and they just plain never published it, never even filed it. Wasn't until about a week ago, Aug 16, 2017, that it was finally published.

Moral is, between these issues and the uncertainty created by the federal gov't, they're not offering 2018 product. Still waiting on details, but it appears to be an orderly shutdown where people are moved upon renewal.
  Reply With Quote to CareConnect Shuts Down in NY
Reply to CareConnect Shuts Down in NY 

  Insurance Agent Forum > Insurance Forums > Insurance Agents and Brokers Forum > Health Care Reform Forum

Similar Threads with CareConnect Shuts Down in NY
Thread Thread Starter Forum Replies Last Post
Healthcare.gov Shuts Down for IRS Duaine Health Care Reform Forum 3 05-27-2015 02:02 PM
FDIC Shuts Down 3rd Bank This Year Norwayguy General Insurance Agent Discussions 19 01-21-2011 09:06 PM

All times are GMT -5. The time now is 10:52 AM.

Forum enabled with vBulletin®
Copyright ©2000 - 2017, vBulletin Solutions, Inc.

Join the Forum - It's FREE

Share This Page

Weekly Poll

Where do we go from here? POLL
Nothing - No ACA fixes - status quo
29.82 %
HHS Rulings and band aid bills
17.54 %
Hail Mary repeal and/or replace bill
17.54 %
A bipartisan bill to fix ACA
35.09 %

Voters: 57. This poll is closed