WINHealth Drops Obamacare
One of the two health insurance companies offering ObamaCare in Wyoming has decided to withdraw from the program.
WINHealth President and CEO Steve Goldstone says the federal government told the company on October 1 that it was going to cut payouts by nearly 88%.
"We had expected to receive approximately $5.1 million for what's called the risk corridor payment," said Goldstone. "We received a letter saying that due to overwhelming financial demands, they were only going to pay 12.6% of that. So instead of the $5.1 million that we were anticipating, we now expect to receive about $640,000. The remainder might be paid at a later date, but we can't count on that."
Between 7,500 and 8,000 Wyoming residents have signed up with WINHealth through the Affordable Care Act.
"We will continue to serve those people through the end of the year provided that they continue to pay their portion of the premium," said Goldstone. "Open enrollment starts November 1 and we are encouraging our members to be sure to select a replacement plan no later than December 15 so that their coverage will be effective January 1, 2016."
Blue Cross Blue Shield is the only other company offering health insurance through the exchange.