Minuteman Health, Inc. announced that it will no longer sell insurance policies in New Hampshire as of January 1, 2018.
The Massachusetts-based non-profit, created as a co-op through the Affordable Care Act, has sold policies in each of the last three years through the health insurance exchange, and earlier this spring, submitted an application to New Hampshire regulators to again do so in 2018.
The group is withdrawing, however, citing technical aspects of Obamacare for its ongoing financial troubles.
The company says it has the resources to pay all claims for its current customers - approximately 27,000 in New Hampshire - through the end of the year.
The shake-up will leave individual and small group customers in New Hampshire with three options in next year’s exchange: Anthem, Harvard Pilgrim, and Ambetter.
Republican politicians pointed to Minuteman’s struggles as proof that the Affordable Care Act, in its current form, is no longer sustainable.
“Today's announcement by Minuteman Health is more clear evidence that Obamacare has failed and that our nation’s healthcare system demands reform,"wrote Governor Chris Sununu in a statement. “It further underscores why Washington must act now to reform our healthcare system and take actions to stabilize our individual health insurance market.”
Executives for Minuteman say they are taking active steps to re-launch as a for-profit insurance company, with intentions to sell policies in New Hampshire in 2018 under the name Minuteman Insurance Company.
Any new entity would need to obtain regulatory approval by the New Hampshire Insurance Department by August 16th, a tight deadline given the volumes of documents and substantial capital necessary to gain permission.