Harvard Pilgrim to face big competition with expansion plans
Harvard Pilgrim is planning to expand its business to the Connecticut health insurance market. If it obtains approval from the state insurance department, Harvard Pilgrim would be competing against some big insurers, including Aetna and Cigna.
The Massachusetts-based insurer has applied for a license with the Connecticut Insurance Department to establish a new nonprofit health plan that provides coverage in the individual and Medicare markets, reported Hartford Business Journal.
"We have made an initial filing to begin the process required for entering the state," Harvard Pilgrim Spokeswoman Mary Wallan said in a statement emailed to the Hartford Courant. "We are working with the Connecticut (Insurance Department), other state officials and key stakeholders to provide them with all relevant information and documentation as part of this process."
The company wants to offer plans through the Connecticut health insurance exchange, as well as expand relationships with brokers "who are engaged with Connecticut employers," to potentially offer employer-based insurance, the Courant noted.
In a business plan submitted to the Connecticut Insurance Department, Harvard Pilgrim said it has begun searching for office space in the Hartford area, where a senior leadership team would be based, along with network services, provider contracting, sales and account support, product development and marketing employees, noted the Business Journal.
Harvard Pilgrim reaches global payment deal with Partners HealthCare
Tufts Health, Harvard Pilgrim plans drumming up out-of-state Medicaid business
Harvard Pilgrim excludes high-priced hospitals in new limited network
Harvard Pilgrim pays members to use cheaper treatments