UnitedHealthcare leaving Lake Mills market

UnitedHealthcare (UHC) recently announced they will leave the individual under-65 health insurance market in Iowa. Many local residents, and over 8,700 Iowans overall, currently have an individual health insurance plan through UnitedHealthcare and will need to find another plan before January 1, 2017. If they do not find another plan, they could be without health insurance after January 1, 2017 and will face a penalty for being uninsured.
“Lake Mills residents need to know about this announcement and spread the word to their friends and neighbors,” said Jill Flugum of Stensrud Insurance. “If someone has an individual health insurance policy through UHC and doesn’t know about this change, they could face significant penalties down the road and become uninsured.”
The penalty for going without health insurance in 2017 is close to $700 per person or 2.5% of household income – whichever is higher.
UnitedHealthcare, the nation’s largest healthcare provider, has lost over $720 million by offering individual plans across the nation. They anticipate continued losses and are withdrawing from a number of other states’ individual markets such as Nebraska and Missouri with more states expected to be announced.
“Lake Mills residents should understand that their current policies can remain in effect for the remainder of the year. However, if you have an individual health insurance policy through UHC, it’s important to speak to a licensed professional about your options,” said Flugum. “They are the best asset for you during this time and can give you professional and accurate assistance.”