While the New York State health insurance industry continues to feel the effects of the Health Republic Co-Op (federally-backed) insurer implosion last December, privately owned Northwell Health’s “CareConnect” is now positioned to be a strong carrier serving the downstate NY area moving forward.
Having been properly priced in the health insurance market since their launch on January 1st 2014, and combined with their care-focused, internal provider network operation model (which drives down premium cost), CareConnect has more than tripled is membership (over 91,000) as compared to this time last year (over 25,000). Indeed, after obtaining over 30% of Health Republic’s 200,000+ displaced membership base, CareConnect should begin yielding profitability over the next two years…possibly sooner depending on their Medical Loss Ratios.
“We launched CareConnect because we believed that a new kind of customer-focused health insurance could actually make it easier to get and stay healthy, and we’re gratified to be able to bring our new approach to so many new members,” Alan Murray, president and chief executive of CareConnect, said in a statement. Additionally, in anticipation of even further membership growth, Murray has increased CareConnect’s workforce size to 260, up from 180.
For more information regarding individual or business health insurance with CareConnect, contact an insurance broker.