A Colorado health insurance purchasing alliance will not be able to offer plans in 2023 after Bright Health said it is ending its individual and group insurance business, the Colorado Sun reported Oct. 12.
Bright Health is the carrier for Peak Health Alliance, which allows members of a community to directly negotiate lower prices with local hospitals, according to the report. As the carrier, Bright bundles those prices into insurance plans for Peak members.
Peak, which operates in eight western Colorado counties, will not be able to offer plans in 2023 because there is not enough time to team up with a new insurer, Peak CEO Anne Ladd told the Sun. Ms. Ladd said she found out about Bright Health's move at 5 a.m. Oct. 11 from a company news release.
Ms. Ladd said Peak plans to return for 2024, according to the report. She said the alliance already has had conversations with prospective new carriers and those talks will expand. She also said Peak expects to have enough money to not lay off staff over the next year as it looks for a new insurance partner.