Guardian of SC Files BK

[Crabcake Johnny]

"Guardian Healthcare, a Greenville, South Carolina-based insurance company, recently filed for bankruptcy, causing many problems across the state.

The insurance company, which formed in 2007, offered Medicare Advantage policies in every county of the state, and some say the bankruptcy was the result of its quick growth. In addition, the recent Chapter 11 filing is among the biggest involving a South Carolina insurance company."

South Carolina insurer faces bankruptcy - Bankruptcy News - BankruptcyHome.com

 

[medsuptage]

I'm not sure if this is public knowledge yet but guardian just got bought by Munich Re, Parent company to Sterling Health Plans

They are looking to partner the two to increase their involvement in the increasing senior market.

 

[alldaytuesdays]

Yes, they were bought by Munich Re back in October and they novated the plans over to Sterling. However, this has, as you can imagine, taken a long time (the sell, novating, contacting members, dealing with CMS).

Most members just received their notice of change letters last week! Co-pays more than doubled and premiums doubled, in most counties. Then, they are receiving yesterday and today letters from CMS granting them a SEP lasting through 3/31, based on the fact that they didnt receive their notice of change in a timely manner. It was the 2nd largest MA plan in SC in 2010 from the numbers I've seen, so it affects a good number of people.

It has been quite the cluster, made worse by the fact that the employees at Guardian didnt know (or pretended not to know) what was going on the whole time. So, there were never any straight answers given to agents or members. Looking forward to this SEP!