Individual Health Insurance in Nevada as of August 31st, 2023
Individual Health Insurance in Nevada just changed but I don’t think for the better. One of our Nevada insurance carriers declared that they are closing operations on 8/31/2023. That carrier is Friday Health Plans.
When they first showed up on our doors a couple of years ago most brokers thought that we finally had competition. United’s HPN and Sierra Health and Life have been around for over 50 years and are great carriers with good plans and decent pricing. However, most brokers believe that competition was needed and was well received.
I guess we all assumed that Friday Health Plans would assume the role of being an alternative for folks who have been on either plan or are looking for a change.
Their plans were innovative and priced fairly but they never got the traction needed in our small market to survive. Personally believe they never marketed it to brokers properly and showed us why they were different and an alternative to HPN or Sierra. Believe they assumed that since they were new, brokers will flock to their doors. That never happened and with this small market, breaking the barriers was going to be difficult. I believe they never really understood our market, nor how to market and sell their plans.
They were never a real competitor to HPN or Sierra. Hate to see a carrier leave our small market but that is what is happening as of 8/31/2023. That means that anyone on a Friday plan has a qualifying life event (loss of coverage) thus allowing them to purchase new insurance for 9/1/23.
Wanted anyone in the Nevada market looking for new coverage to be aware of the situation with Friday Health Plans. Many brokers already know the situation but there are as many that are not aware, thus this blog informs folks of the changing landscape here in Nevada and to act accordingly.
I hope this information is useful and if anyone has questions, please contact me via phone or email and I will respond quickly.
Also, take a look at Medicare 2023 Information.
The Barend Agency Inc.
Len Barend, Broker