In a surprising move, health insurance giant Humana has announced its exit from the group medical insurance market. As one of the largest providers of group health insurance in the United States, this decision is expected to impact millions of policyholders, including those in Georgia. Many individuals and small businesses are now left with questions about what this decision means for them and their employees.
Humana has long been a major player in the group health insurance market, providing coverage for millions of Americans through employer-sponsored plans. The company’s decision to exit the market has been attributed to various factors, including increased competition, regulatory pressures, and the desire to focus on its core businesses, such as individual and Medicare Advantage plans.
The company has assured its customers that they will not be left without coverage, as existing policies will continue to be honored until their expiration. However, after a certain date, Humana will not be renewing these plans or offering new group policies.
When will Humana small group medical insurance plans end in Georgia? For existing Georgia policyholders, the exact date when group Humana medical insurance will end depends on the specific policy. We anticipate Humana to issue renewal offers for existing Georgia employer groups with renewal dates prior to December 1, 2023. Employers with renew dates of December 1, 2023 and later will need to secure new coverage with a different insurance provider.
It is crucial for employers to begin researching alternative options and providers as soon as possible to ensure a smooth transition for their employees.
Next Steps for Employers and Employees. If you are an employer currently offering Humana group medical insurance, it is important to begin exploring alternative insurance providers to avoid gaps in coverage for your employees. Our Atlanta-based insurance agency stands ready to help you through this process.
Humana’s exit from the group medical insurance market has left many Georgia policyholders seeking answers about the future of their healthcare coverage. While the specific end date for your coverage depends on your plan, employers and employees should begin preparing for this transition as soon as possible. By staying informed and proactive, both employers and employees can ensure a smooth transition to new group health insurance providers, maintaining continuity of coverage and care.
This information is not intended to be exhaustive, nor should any discussion or opinions be construed as legal advice. Readers should contact legal counsel for legal advice. ©2023 Angus McRae Insurance Brokerage Services, Inc. All rights reserved.