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members health plan payment

Members Health Plan Bankruptcy Update

Members Health Plan, a health insurance company in New Jersey, filed Chapter 11 Bankruptcy on May 24, 2021. The plan will terminate all coverage as of December 31, 2021.

Members Health Plan has discontinued all broker’s commissions since the day they filed bankruptcy. Now Members Health Plan is charging their consumers a certain percentage of their premium from 1/1/2020 to now.

Consumers signed this in their membership contract; it was stated, “This is a fully assessable benefit plan. In the event that the Trust is unable to pay its obligations, Participating Members in the rust shall be required to contribute on a pro-rata earned contribution basis the fund necessary to meet any unfilled obligations.”

We understand this is unexpected and a complicated payment, but we encourage all our clients to pay this bill. And if you have any questions or need an explanation on your amount, please call us.

Cosmo Insurance Agency is a full-service independent insurance agency based in Hackensack (Bergen County) and Lakewood (Ocean County), New Jersey that offers an all-encompassing range of insurance options for both individuals and businesses. Cosmo keeps its promise to assure an efficient and creative approach to the services we offer. Each of our clients experience a personalized and long-term relationship with us. Our New Jersey based team of health brokers guides our clients in helping them choose the most cost-effective options. By incorporating our knowledge of the insurance guidelines for healthcare, employee benefits, life insurance, self-insurance, dental, disability, and long term care insurance, we keep our clients up-to-date with affordable plans that cover all their specific insurance needs.