Chicago Corporate Restructuring partner Tim Casey was quoted in a Chicago Tribune article titled, “Land of Lincoln members may file claims against failed insurer's estate.” The article explored the possibility that members of soon-to-be-shuttered Land of Lincoln Health will be able to seek cash from the insurer's estate, the Illinois Department of Insurance.
The department has confirmed that Land of Lincoln members who have to pay additional money in deductibles and out-of-pocket maximum payments with their new insurers may file claims.
“It's hard to determine how successful any claims filed against Land of Lincoln might be. The state placed the insurer into a status known as ‘rehabilitation’ in July, and under that status, policyholders would likely be fourth among nine groups in line to recover money from the insurer,” Tim said.
“Even if there is money left for policyholders to recover, it could take years to get it,” he added.