Another N.J. insurance company drops out of Obamacare

TRENTON — Faced with "a deteriorating financial condition," another health insurance carrier is pulling out of New Jersey's health exchange marketplace created under the Affordable Care Act, forcing 35,000 policy holders to find a new plan in 2017, the state's top insurance official announced Monday night.

Health Republic Insurance of New Jersey will serve customers through the end of the year, state Department of Banking and Insurance Commissioner Richard Badolato said.

The state is working out a "rehabilitation" plan that preserves the carrier's financial assets so medical providers will be reimbursed for the care they provide consumers for the remainder of the year, Badolato said in a statement late Monday.

"We will also be assisting individual consumers as they transition to a new plan during the open enrollment period this fall," Badolato said. "Similarly, we will work with small employers as they seek replacement plans for their businesses."

Read more: http://www.nj.com/healthfit/index.ssf/2016/09/another_nj_insurance_company_is_dropping_out_of_ob.html