Friday Health Plans is the fourth payer to exit Colorado's insurance market in the past year.
The Alamosa, Colo.-based payer will wind down all of its insurance operations, as the company was "unable to scale our financial infrastructure to match the pace of our growth and secure the additional capital required to run our business," according to a June 1 statement.
Colorado regulators ordered Friday Health Plans to stop enrolling new members May 8. The plan will cover existing members through the end of 2023.
Three other payers have exited Colorado markets in the past year:
- Humana is planning to exit the state's small and large group insurance markets. The payer is ending its group insurance business nationwide.
- Oscar Health exited Colorado's individual insurance market at the end of 2022.
- Bright Health also left the state's individual insurance market at the end of 2022. The company ended its individual insurance options nationwide.
Anthem, Cigna, Denver Health, Kaiser Permanente and Rocky Mountain Health Plans still offer plans on the state's individual market, according to Connect for Health Colorado, the state's ACA marketplace. Around 1 in 5 people with exchange insurance in the state had to switch to a new carrier in 2023 after Oscar and Bright's exits, according to the exchange.