OKLAHOMA CITY — Friday Health Plans of Oklahoma Inc., a health maintenance organization domiciled and licensed only in Oklahoma, has been placed the under supervision of the Oklahoma Insurance Department.
“The decision to place Friday Health under supervision was not taken lightly,” state Insurance Commissioner Glen Mulready said. “However, given the company’s financial situation, we determined this was the best action to protect policyholders and ensure their claims are paid.”
Friday Health is a subsidiary of the Friday Health group. The Friday Health group is Colorado-based and provides health coverage to individuals and families in multiple states. The company was founded in 2015 and had been operating the Friday Health Plans of Oklahoma HMO since 2019.
The OID has been monitoring the declining financial situation with the Friday Health group over the past year and has been in regular communication with their leadership team since late 2022 when several executive members were replaced, Mulready said.
The Agreed Order of Supervision requires Friday Health to continue processing and servicing its claims and members, including making timely payments during supervision. In addition, Friday Health must demonstrate an attainable path to achieve necessary and sufficient capital and surplus as required by the Oklahoma Insurance Code.
The company’s plan of operation shall be designed to return Friday Health “to a financially stable condition and to prevent hazardous conditions from occurring in the future,” the agreement states.
Mulready said he would designate an experienced supervisor to oversee and monitor Friday Health’s finances and claims handling to ensure members, creditors, and the public are protected. The company agreed to the appointment.
The agreement also stipulates that during the period of supervision, Friday Health shall not add any new members or enrollees unless they are family members of a current member or enrollee.
“Our primary focus is to ensure that the members of Friday Health receive the coverage and benefits they are entitled to,” the commissioner said.
For more information, members of Friday Health Plans of Oklahoma should visit the OID website at www.oid.ok.gov or call the OID Consumer Assistance Division at (800) 522-0071.