Last Week, Baltimore Circuit Judge Yolanda Tanner declared Evergreen Health insolvent and has no investors.
The Baltimore-based insurer sold coverage on Maryland’s health exchange. The company’s assets will be liquidated and nearly 24,000 policies will be canceled by the end of the month. Members have 30 days beginning September 1 to choose a new plan from Kaiser Permanente, CareFirst BlueCross BlueShield, UnitedHealthcare or Aetna.
Initially, Evergreen was going to continue paying claims of its existing customers until their policies expired, at which time they could choose a new insurer. Risk & Regulatory Consulting determined Evergreen could not continue covering claims or support its business, without an inflow of cash and viable investors.
All claims filed before September 1 will be covered by Evergreen.