Moda says it’s pulling out of Washington to concentrate on its core markets in Oregon and Alaska.
In a statement, the company notified the Washington Insurance Commissioner saying, “Effective immediately, Moda will cease all sales and renewals of health insurance plans.”
Moda has about 47,000 customers in Washington.
Current customers will have to choose a new insurance carrier by January first. Open enrollment starts Sunday, November first.
Many insurance companies were hit hard by a recent decision from the federal government saying it would only pay 12 cents-on-the-dollar under its ‘risk corridors’ program.
Moda was expecting almost $90 million under that program last year. It will instead only get about $11 million.
Earlier this week, Legacy Health and PacificSource announced a merger. Then on Tuesday Providence and PeaceHealth announced a collaboration.