Thousands of Coloradans will lose their health insurance Aug. 31, state urges people to act fast

COLORADO (KRDO) -- On Thursday, Aug. 31, 30,000 Coloradans who are currently insured by Friday Health Plans (FHP) will officially lose health insurance coverage under the company. Unless members get on a new insurance plan before Thursday, they cannot get insured until October 1.

The Colorado Division of Insurance (DOI) said about 65% of those insured with Friday Health Plans have opted into a new plan, but that leaves roughly 10,000 people who haven't taken action.

In June, the DOI started looking into the company and alerted members that their coverage would end Dec. 31.

However, the DOI said after attempting to rehabilitate the company, they got a closer look at their financial situation and determined they didn't have the financial ability to make it to the end of 2023.

On July 17, the DOI announced members would lose coverage by Aug. 31.

"While it seemed like we could have maybe had them carry on for a couple more months, it probably wasn't going to finish out the year, and we really didn't want this to impact the regular open enrollment that would happen for everybody else for 2024, which would start November 1st," said Vincent Plymell, Assistant Commissioner for Communications and Outreach for the Colorado Division of Insurance.

Plymell said they asked the courts to move FHP into liquidation, effectively leading to the Aug. 31 end date.

Plymell said they needed to take action quickly because members were already reporting that some doctors weren't accepting their health plans for coverage.

Those facing the loss of coverage have two days to get on a new plan.

The state encourages members to reach out to Connect for Health for help on how to get on a new plan.