PORTLAND, Ore. (KOIN) — Providence Health announced Wednesday they will be leaving the insurance business and starting to phase out coverage at the end of the year.
The company says they will continue to serve Medicare Advantage members through a new agreement with a national carrier. But while they will honor existing contracts, none will be renewed.
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Providence Health Plan (PHP) currently covers nearly 440,000 people in Oregon, Washington, Montana, and California, with the vast majority — 421,005 — in Oregon.
As for the reason behind this decision, Providence cited changes in the healthcare environment, including rising costs and the resource advantage of national insurance companies, which made it “increasingly difficult” for a regional nonprofit health plan to operate…