A whole 8 people running the show? Isn't providing a surplus fund a little like how PCIP started and ended? Freelancers? Captive brokers?
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New Jersey has awarded a license to a new health insurance company, Health Republic Insurance of New Jersey, a nonprofit, cooperative funded by more than $100 million in federal loans under the Affordable Care Act to provide more choices for the consumers who will purchase health plans on the ACA's new exchange marketplace.
The nonprofit is receiving a federal loan of $107 million so that it has a surplus to pay claims until it builds up revenue from premiums.
Health Republic has its headquarters in Newark, and has a staff of eight, Martin said, with several more joining over the next few weeks.
James Martin is executive director of Health Republic, the name Freelancers Co-Op of New Jersey has chosen to do business. The company is affiliated with the Freelancers Union in New York City, an association of freelance workers that also has launched ACA-funded cooperative health insurers in New York and Oregon.
Martin said Health Republic will sell its plans online, via the exchange marketplace, and through a network for brokers that is now being established. He said the company is looking for brokers "who can best relay our unique message."
State issues license to its newest health insurance company | NJBIZ
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New Jersey has awarded a license to a new health insurance company, Health Republic Insurance of New Jersey, a nonprofit, cooperative funded by more than $100 million in federal loans under the Affordable Care Act to provide more choices for the consumers who will purchase health plans on the ACA's new exchange marketplace.
The nonprofit is receiving a federal loan of $107 million so that it has a surplus to pay claims until it builds up revenue from premiums.
Health Republic has its headquarters in Newark, and has a staff of eight, Martin said, with several more joining over the next few weeks.
James Martin is executive director of Health Republic, the name Freelancers Co-Op of New Jersey has chosen to do business. The company is affiliated with the Freelancers Union in New York City, an association of freelance workers that also has launched ACA-funded cooperative health insurers in New York and Oregon.
Martin said Health Republic will sell its plans online, via the exchange marketplace, and through a network for brokers that is now being established. He said the company is looking for brokers "who can best relay our unique message."
State issues license to its newest health insurance company | NJBIZ
