What Insurance Replaced Moda Health?

What Insurance Replaced Moda Health?

Moda Health, based in Portland, Oregon, was ahealth insurancecompany that provided individual and group health plans in several states, including Alaska, Arizona, California, Oregon, and Washington. However, in early 2016, the company announced that it was exiting theindividual marketin Alaska and Oregon due to financial losses. Later that year, the company also announced that it was no longer offering health insurance plans in Washington. So, if you were a Moda Health policyholder in one of these states, what insurance replaced Moda Health?

Oregon

After Moda Health left the individual market in Oregon, many of its policyholders had to find new insurance plans. The Oregon Health Insurance Marketplace (also known as Cover Oregon) helped connect these individuals with other insurance providers in the state. Some of the options included PacificSource Health Plans, Providence Health Plan, and Regence BlueCross BlueShield of Oregon.

Alaska

When Moda Health exited the individual market in Alaska, policyholders had to find new insurance plans as well. Premera Blue Cross Blue Shield of Alaska was the only insurance company that remained in the individual market, and it offered plans both on and off the Alaska Health Insurance Marketplace.

Washington

Moda Health also stopped offering health insurance plans in Washington in 2016. In its place, individuals could choose from several other insurance providers, including Kaiser Permanente, Premera Blue Cross, and Lifewise Health Plan of Washington.

Choosing the Right Insurance Plan

When looking for a new insurance plan, it's important to consider your individual needs and budget. Some plans may have lower monthly premiums but higher out-of-pocket costs, while others may have higher premiums but more comprehensive coverage. It's also important to consider the network of doctors and hospitals that are covered by the plan, as well as any prescription drug coverage.

Additionally, it's a good idea to review your insurance coverage every year during the open enrollment period. Your health needs may have changed, and there may be new plan options available that better suit your needs.

Insurance and Financial Planning

Insurance is an important part of any financial plan, as it can protect you and your family from unexpected expenses and financial hardship. It's important to have a mix of insurance coverage, including health insurance, life insurance, disability insurance, and property and casualty insurance.

When it comes to life insurance, consider your family's financial needs and how much coverage you would need to provide for them in the event of your death. Disability insurance can provide income replacement if you are unable to work due to illness or injury. And property and casualty insurance can protect your home and personal belongings from damage or loss.

Conclusion

While Moda Health may no longer be available in certain states, there are still many insurance options available to individuals and families. It's important to carefully consider your needs and budget when choosing a new insurance plan, and to review your coverage regularly to ensure it still meets your needs. By incorporating insurance into your overall financial plan, you can protect yourself and your family from unexpected financial hardship.