Preferred Medical Plan: over 40 Years of Coverage You Could Count On
On December 31, 2015, Preferred Medical Plan, Inc. received formal notification from the Centers for Medicaid and Medicare Services that it could not participate on the 2016 Exchange. This notification came after CMS had announced that it would only pay a portion of its Risk Corridor payments to Preferred Medical Plan.
As a result of that notification, Preferred Medical Plan’s Executive Leadership made the difficult decision to begin the wind down of formal operations of the company. After nearly 45 years of service to South Florida, Preferred Medical Plan will be winding out business operations during the remainder of 2016.
We are working closely with the Florida Office of Insurance Regulations as we run out our operations over the next several months. All current membership will have transitioned to other coverage by July 1, 2016.
We continue to process medical claims for our providers and will do so over the remaining months of 2016. We do urge providers to timely submit all medical claims for proper processing.
We want to thank the South Florida community for its ongoing support since our founding in 1972. It was truly our honor serving so many members of our community.