IU Health Plans restructures insurance plans on state exchange
Indiana University Health Plans has restructured its product offerings for 2017 and will not be offering an individual product on the Health Insurance Marketplace.
The restructuring means that IU Health Plans members who hold individual policies purchased on the Marketplace are advised to look for alternative coverage for next year. Individual plans that include IU Health providers will be available for purchase in 2017 on the Marketplace through CareSource and MDwise, the nonprofit health care company co-owned by IU Health.
IU Health Plans will continue to offer individual products outside of the Marketplace in 2017 in the 62 Indiana counties currently served. IU Health Plans also will continue to offer commercial and Medicare Advantage plans.
The insurance arm of IU Health recently notified its affected members and the Indiana Department of Insurance of the changes in product offerings for 2017. The changes are necessary to adapt to new market dynamics and potential federal responses to withdrawals by many companies nationally from the federally facilitated Marketplace, stated James T. Parker, president of IU Health Plans.
The Health Insurance Marketplace in Indiana and other states faces heightened financial uncertainty, much of it associated with risk adjustment and the way in which the federal government assigns payouts, Parker stated. Refocusing plan offerings for 2017 allows IU Health Plans to remain committed to the Marketplace in Indiana, Parker stated, while gaining a better understanding of its fast-changing dynamics and possible federal responses.