Friday Health Plans is a health insurance company that operates in several states throughout the U.S. Members could get individual and family health insurance plans from Friday through the Nevada Health Link, making it a popular choice in the state. There are currently 2,805 enrollees for Friday Health Plans in Nevada.
Unfortunately, due to lack of funding, Friday Health Plans is shutting down its service across the country, leaving its members to seek new health insurance options. Here’s what you need to know about the changes.
Financial woes for Friday Health Plans in Nevada
Over the past few years, the parent company for Friday Health Plans has shown signs of struggle. They expanded very quickly from their founding date in 2015 and weren’t able to secure enough funding to maintain growth. Last year, it got to the point that they pulled their operations from several states that they previously served.
Earlier in 2023, many of Friday’s operations were placed under state regulator supervision to ensure they could still properly serve their existing members until the next enrollment period, including in the following states:
- New Mexico
And recently, that state supervision extended to Nevada.
As of June 1, 2023, all Friday Health Plans operations in Nevada are being overseen by the Nevada Division of Insurance, with plans to phase out coverage entirely by the end of the year.
Friday Health Plans to stop taking new members
Because of the financial troubles experienced by Friday Health Plans, Nevada residents will no longer be able to enroll in Friday’s individual and family health insurance programs through the Nevada Health Link.
However, these changes do not qualify as a special enrollment period. Current Friday members can keep their coverage until the end of 2023. Since Friday has been placed under receivership in Nevada and is being managed by the Nevada Division of Insurance, there will be no lapse in coverage and ability to pay claims will not be affected.
Current Friday members will need to find new coverage
Anyone who currently has health insurance through Friday Health Plans in Nevada will need to change plans during open enrollment at the end of the year, starting November 1st.
If you’re not sure about your options or would like some professional advice, feel free to contact the insurance experts at Health Benefits Associates. We’ll walk you though your options to help you choose the best insurance plan for your needs, so you won’t experience any lapse in coverage during this transition.