Friday Health Plans will not accept new health plan enrollments in Colorado for the remainder of 2023 after an agreement was reached with the Colorado Division of Insurance.
Coloradans already enrolled in Friday Health Plans will stay enrolled and can continue to use their coverage, according to a May 8 Division of Insurance news release. The division said it is continuing to "evaluate recent actions in other states where Friday operates and the financial position of the company."
The payer has faced regulatory actions in Oklahoma and Texas in 2023. Oklahoma placed the company under the supervision of the state's insurance department. Friday Health cannot add members or spend more than $5,000 without the state's oversight.
Texas regulators placed Friday Health Plans into liquidation and have ordered the plan to end all operations in the state.
The North Carolina Department of Insurance in April suspended new enrollment in Friday Health Plans for the remainder of the year. The department said the plan reached its maximum expected enrollment for 2023.
Alamosa, Colo.-based Friday Health Plans was founded in 2015 and offers individual and small group plans both on and off the ACA exchange. As of 2023, the company is offering ACA plans in Colorado, North Carolina, Georgia, Nevada and Oklahoma.