Future looks bright for startup insurer Bright Health
Launched in 2016,
After big ACA changes began in 2014, the individual market was a sea of red ink for insurers who guessed wrong on the cost of medical care for enrollees. But a report out Thursday from the
"I think our timing was good, and our model is good," said
The individual market primarily serves people under age 65 who are self-employed or don't get coverage from their employer. Among other things, the ACA struck down insurance company rules that denied coverage to people with pre-existing conditions.
Sheehy is a former CEO with
For the first quarter,
Sheehy said he was pleased with financial results for the first quarter, but he cautioned they might change during the rest of the year when the insurer covers more health care bills as subscribers hit the limit on deductibles.
"You really have to look at the full-year performance," he said. "Particularly with plans that have the ACA deductibles, the first quarter is better than the rest of the year."
For 2017,
Starting this year,
The regulatory filing this week includes an organizational chart for
Sheehy declined to discuss particulars about where
While surprisingly high medical costs in the individual market have prompted many large insurers including UnitedHealthcare to pull back on the ACA business, the report Thursday from the
The report noted uncertainty due to efforts by the Trump administration to promote alternatives to ACA coverage, plus tax legislation signed into law by President
Even so, the report said the 2017 numbers "suggest the individual market was stabilizing and insurers in this market were regaining profitability."
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