Approximately a month after giving notice that it plans to withdraw from New York State’s insurance market over the next year, Northwell Health announced today that, as part of an orderly wind-down of its insurance arm, CareConnect Insurance Company will not write or renew individual policies for calendar year 2018. Additionally, CareConnect will stop writing and renewing group policies as of November 30, 2017. CareConnect will honor all existing health insurance policies throughout their remaining terms, including group policies that continue into 2018. Northwell Health will stand behind all medically necessary claims for covered services incurred during that time.
In the face of significant liabilities, CareConnect worked with the New York Department of Financial Services (DFS) to create a wind-down plan that halted new and renewal business as soon as possible. CareConnect and Northwell Health are, nonetheless, dedicated to providing CareConnect members with a smooth transition.
“Our focus will always be on the health of the people of our community,” said Richard Miller, Northwell Health senior vice president and deputy chief financial officer. “We started CareConnect as a way to make it easier and more affordable for people to get the care they need, and to allow Northwell to move into prevention and population health. Although an insurance company proved unsustainable under current conditions, we will wind down CareConnect in a way that protects New Yorkers as we continue to develop our strategy of population health and value-based care.”
Consumers seeking replacement coverage on the individual market can begin shopping in November 2017 for 2018 health coverage during the NY State of Health (NYSOH), New York’s official health plan Marketplace, renewal period. For replacement coverage in the small group market, consumers can enroll with NYSOH Small Business Marketplace now through November 15 for coverage that begins on December 1, 2017. For more information, consumers can contact NY State of Health online at www.nystateofhealth.ny.gov or by telephone at 1-855-355-5777.
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About Northwell Health
Northwell Health is New York State’s largest health care provider and private employer, with 22 hospitals, over 550 outpatient facilities and nearly 15,000 affiliated physicians. We care for more than two million people annually in the New York metro area and beyond, thanks to philanthropic support from our communities. Our 62,000 employees – 15,000+ nurses and 3,900 employed doctors, including members of Northwell Health Physician Partners – are working to change health care for the better. We’re making breakthroughs in medicine at the Feinstein Institute. We're training the next generation of medical professionals at the visionary Donald and Barbara Zucker School of Medicine at Hofstra/Northwell and the Hofstra Northwell School of Graduate Nursing and Physician Assistant Studies. For information on our more than 100 medical specialties, visit Northwell.edu.
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