New Mexico health insurer to shut down

New Mexico Health Connections CO-OP will close Jan. 1, 2021, the health insurer said Aug. 11.

The board of directors voted to continue serving members through the end of 2020. However, members will have to choose a new health insurer for the 2021 plan year.

"It is with deep sadness that based on challenging market conditions, the board made a painful decision to wind down operations of New Mexico Health Connections at the end of this year," Marlene Baca, CEO and president of New Mexico Health Connections, said in a prepared statement. "Rather than spending resources on next year's uncertain market, we would rather make sure we protect our current members."

More articles on payers:
Fraudulent coding led CMS to overpay Cigna $1.4B, Justice Department says
Lawmakers to probe health insurer profits
5 payers that made $1B+ in Q2

© Copyright ASC COMMUNICATIONS 2020. Interested in LINKING to or REPRINTING this content? View our policies by clicking here.


Featured Content

Featured Webinars

Featured Whitepapers