OKLAHOMA CITY (KFOR) – As Friday Health Plans prepares to suspend its health coverage permanently by August 31, the Oklahoma Insurance Department (OID) said policy holders need to find a new plan or risk losing coverage before the current plan ends.

But, with just days before that deadline, nearly 4,000 members have not selected a new plan.

As of Monday, The Centers for Medicare & Medicaid Services (CMS) reported that 3,790 FHP-OK members have not selected a new plan.

“That’s what we’re trying to avoid,” said Insurance Commissioner Glen Mulready.

“[At some point] these folks clearly valued health insurance. At some point, they enrolled and they were paying premiums. And we’ve tried to communicate out. I know CMS, the Centers for Medicaid, Medicare Services, who run our marketplace, they also communicated with them. But somehow we still have a high number of folks who are not selecting another plan,” he added.

Commissioner Mulready placed the company in receivership in June due to financial concerns, subsequently ending coverage for all customers on August 31, 2023.

This action was taken due to the declared insolvency by the company earlier this year, according to the Department.

Friday Health Plans was started in 2015 , following the passage of the Affordable Care Act.

At its height, the Colorado-based company provided coverage to thousands of policy holders around the country, including Oklahoma.

The company’s closure follows a 400% hike in self-reported membership growth in just two years.

In 2022, Friday served 330,000 members across seven states with nearly $2 billion in gross premium revenue.

A message on the company’s website also noted the company grew “incredibly quickly”:

As a result, in collaboration with the Oklahoma Insurance Department, we agree with the decision that it is necessary to wind down our Oklahoma business operations. While we are deeply disappointed, we believe this action is in the best interest of our members

FRIDAY HEALTH PLANS OF OKLAHOMA WEBSITE

UPCOMING DEADLINES TO KEEP IN MIND:

August 31Last Day to Enroll Without a Gap in Coverage
August 31All Friday Health Plans Policies Are Terminated
October 30Last Day of Special Enrollment Period
The Oklahoma Insurance Department (OID) provided a list of important dates to remember before Friday Health Plans coverage ends

“I’d like to remind Friday Health Plans members that they don’t have to do this alone,” Insurance Commissioner Mulready said Monday in a statement to the station.

“Our team is here to help make this transition as smooth as possible and find an affordable replacement. We also encourage the insurance industry and Oklahomans to reach out to their customers and neighbors to spread the word and help people stay covered.”

The Oklahoma Insurance Department provides education and protection for policy holders, as well as oversight of the insurance industry in the state.

Current Friday Health Plans members who have questions or need help enrolling in a new plan should contact the Department’s Consumer Assistance line at 800-522-0071 or or visit oid.ok.gov/fhpok.