MHCFNJ PRESIDENT DENNIS BONE STATEMENT ON LEGISLATION ALLOWING HORIZON TO APPLY TO BECOME A NOT-FOR-PROFIT MUTUAL HOLDING COMPANY

Edison – Move Health Care Forward New Jersey President Dennis Bone issued the following statement today regarding legislation that would amend the Health Services Corporation Act and create a process where Horizon Blue Cross Blue Shield of New Jersey could apply to the state to become a not-for-profit mutual holding company:

“This legislation addresses many of the concerns that were previously raised about Horizon changing its corporate structure. It makes clear that Horizon will continue to operate under its charitable and benevolent status, will continue to fall under the same regulations and guidelines from the Department of Banking and Insurance as well as the Attorney General, and that there are no stockholders nor will there be a conversion.

“The bill also does not create a new law, but rather amends existing law, one of the largest points of contention that was expressed. Horizon deserves credit for its willingness to work with the Governor’s office and legislative leadership to address these concerns and move forward in the best manner possible.

“Now that these issues of concern have all been appropriately addressed, it is important that this legislation move forward. The state’s outdated health care laws continue to make it difficult to meet consumer demands, especially in the age of COVID-19. This legislation will help make health care better for millions of New Jerseyans by making Horizon better. We cannot and should not turn down this opportunity.”

Move Health Care Forward New Jersey is a 501(c)(4) established to educate the public on the value of modernizing New Jersey’s laws to facilitate advancements in affordable, accessible and quality health care by promoting health care innovation and modernization of nonprofit insurance entities. For more information on Move Health Care Forward New Jersey and the need to modernize New Jersey’s health care laws, log on to www.movehealthcareforwardnj.org.