We heard through the grapevine last week that World Insurance and American Republic were going to be pulling out of the individual health insurance market in Colorado. We were appointed with World back in the early days of our health insurance career (maybe 2003/04?) but we never sold any of their policies because there was always something better that we were able to offer our clients. We were never appointed with American Republic.
I called World Insurance today to verify the information and was told that they are pulling out of the individual health insurance market entirely, although the rep I spoke with wasn’t able to say which states will be notified first. He did say that they will begin sending letters to policy holders next month explaining that the company is pulling out of the individual market, and that the change affects both World and American Republic policies.
The rep at World Insurance told me that Celtic Insurance Company has agreed to offer a guaranteed issue policy to World/American Republic policyholders (Celtic is not affiliated with World or American Republic). So I called Celtic for more information. They said that they will have one plan that will be guaranteed issue for World/American Republic policyholders, although the rep I spoke with wasn’t sure what that plan design would be. He pointed out that while there will only be one guaranteed-issue option, all of the Celtic policies are available to anyone who wants to go through the medical underwriting process and is approved for coverage.
The rep I spoke with at World Insurance said that it wasn’t clear yet which states will be in the November round of notifications, so we aren’t sure when World/American Republic policyholders in Colorado will be officially notified that their carrier is leaving the market. But I confirmed with both World Insurance and Celtic that the change is happening and that the initial stage of it will begin next month.
Colorado residents who are currently covered by either World Insurance or American Republic would be wise to begin looking for other health insurance options. If you have a significant pre-existing condition, the guaranteed issue offer from Celtic will likely be one of your best options. If you want to shop around, feel free to get quotes on our site and call or email us to help you sort through the choices. If you have a pre-existing condition and aren’t sure whether it will prevent you from securing a new underwritten policy, please let us know and we can help you figure out which carriers might work best for your particular situation.