Assurant, the large insurance company that caters to businesses, employees and homeowners, is about to get out of the health insurance business.
The announcement was made in May 2015, but its impact is just beginning to be felt by tens of thousands of people in California who relied on Assurant Health for medical, dental and vision coverage. Today, people previously covered by Assurant Health are looking for other insurance options—and finding that there are a lot of questions to be answered.
Here’s a look at what health insurance consumers in California need to know about Assurant leaving the state:
Assurant leaving California? It’s not personal
Assurant isn’t exclusively calling it quits in California. The company is actually doing away with its entire health insurance operation. According to media reports about the decision, Assurant decided to shutter its health insurance unit because it was losing incredible amounts of money, including between $80 and $90 million in the first quarter of 2015.
Consumers might receive a rebate
Depending on when payments are made and when a plan will be terminated, consumers may be eligible for a rebate from Assurant. According to the company, rebates are based on customers’ 2014 coverage. Assurant is encouraging all customers with questions about their coverage to contact their representatives.
Consumers need to take care of their Health Savings Accounts (HSAs)
People with HSAs through Assurant will continue to own the funds—but they will need to appoint a new custodian. Anyone who has questions about HSAs is encouraged to call 1-800-800-1212, ext. 8886, to speak with an Assurant representative.
There are other options available
Luckily, California is home to an array of companies that offer medical, dental and vision insurance to people in all stages of their lives. Unfortunately, understanding the Affordable Care Act and how it affects which type of health insurance coverage is right for individuals and families in California can be confusing.
For help understanding all of the insurance options available in California, contact the experts at the Benefits Store today.