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Health Insurance Plan of New Jersey or HIP of New Jersey was a Health Maintenance Organization in New Jersey that was declared insolvent in 1998 and filed for bankruptcy in 1999.[1] The bankruptcy left some people with no insurance coverage. Jaynee LaVecchia, the State Commissioner of Banking and Insurance, proposed legislation to create a fund to pay the costs of future HMO failures in New Jersey.[2] The company offered a range of health insurance plans for individuals, families, and small businesses, including HMO, PPO, and EPO plans. HIPNJ also offers a range of additional services, such as wellness programs and resources for managing chronic conditions.
History
[edit]In 1997, the health maintenance organization entered into an asset purchase agreement with PHP Healthcare Corporation of Reston, Virginia (PHP), a Delaware for-profit corporation.[3] In 1999, the company went bankrupt when the $120 million they were owed by Pinnacle Health Enterprises was never paid.[2][4]
References
[edit]- ↑ V. Fobister (November 23, 1998). "State Declares HIP of New Jersey Insolvent". American Medical News: 11.
- 1 2 Smothers, Ronald (March 6, 1999). "Spurning Rescue Bid, Judge Orders an H.M.O. to Close". New York Times. Retrieved 2009-03-12.
- ↑ "Health Insurance Plan of New Jersey". Superior Court of New Jersey. 1998. Archived from the original on August 18, 2016. Retrieved 2016-07-08.
- ↑ Smothers, Ronald (February 10, 1999). "Failed H.M.O. Is to Be Shut In New Jersey". New York Times. Retrieved 2009-03-12.
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