Bright Health Group is drastically cutting back its health insurance offerings for next year, including a full exit of the individual Affordable Care Act marketplaces, and is attempting to raise $175 million to keep the company afloat.
The financially troubled company’s new strategy is an abrupt turn from its recent public intentions. Over the summer, Bright filed documents with states like Alabama, Florida, and Georgia, anticipating it would continue to sell ACA plans next year even after it said in April it would stop selling ACA plans in six states. Just last month, Bright hosted health insurance brokers on a yacht ahead of the open enrollment season.
Now, to save money, the company is pivoting completely away from ACA plans and toward a much smaller footprint of selling Medicare Advantage plans to seniors in California and Florida and steering patients to its primary care clinics.
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