Last fall, Imerica was placed in rehabilitation and stopped selling new policies. As of April 2010, however, the rehabilitation process has been deemed unsuccessful, and Imerica will now be liquidated.
Imerica policyholders will be notified of the liquidation, and should begin looking for new coverage if they have not already. Outstanding claims will become the responsibility of the life and health insurance guaranty funds in the states where Imerica was licensed. In Colorado, this group is known as the Life and Health Insurance Protection Assocation (LHIPA). For policyholders who are healthy and able to qualify for a medically underwritten policy, the best option is to apply for new coverage with a different carrier. For those with pre-existing conditions who are not able to get a private policy, a state high risk pool might be the best option (if you’re in Colorado, you can go to Cover Colorado for more information). By July, there should be high risk pool coverage in all 50 states.
If you’re in Colorado, please contact us if you have questions about switching your health insurance to a new carrier.