Nearly all nonprofit health insurance co-ops are shutting down

Nonprofit health insurance co-ops - Stethoscope

Of the approximately two dozen that existed during the first few years of ACA, only 3 will soon remain. In the early days of the Affordable Care Act (ACA), there were about two dozen nonprofit healthy insurance co-ops. However, now that New Mexico Health Connections announced it will be shutting down at the close of 2020, that number will fall to only 3. Among the three remaining, one is in Maine, one is in Wisconsin and one is in Idaho and Montana. That last of the nonprofit health insurance co-ops…

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Arizona health insurance co-op will be closing at the end of the year

Arizona Health Insurance Exchange

Meritus Health Partners is struggling to find any financial success Arizona’s health insurance co-op, a non-profit organization meant to ensure state residents have access to insurance coverage, will be shutting down on December 31 this year. Meritus Health Partners, which provides coverage to nearly 60,000 Arizona residents, has suffered from financial complications over the past year, leaving it in a very troubling situation. The co-op’s governing board has determined that the best course of action will be to close down the co-op, with those affected by the closure having to…

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Nearly 60,000 Arizona residents will have to find new health insurance policies

Arizona Health Insurance

Arizona’s health insurance co-op will be shutting down this year Consumers in Arizona will have to find new health insurance policies following a decision made by state regulators to prohibit the sale of new policies through the Arizona health insurance co-op. Regulators have expressed fears that the co-op would fail. The co-op, called Meritus Health Partners, will be shutting down as a result of this decision, which means that some 59,000 people will lose their health insurance policies that were provided through the co-op. Consumers that received policies from Meritus…

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US health insurance co-ops are struggling

health insurance exchange

HHS audit finds that insurance co-ops are failing to generate profit The Department of Health and Human Services (HHS) recently conducted an audit of 23 health insurance co-ops in the United States and found that the majority are struggling financially. These insurance co-ops were established by the Affordable Care Act to serve as non-profit alternatives to exchanges. The co-ops are operated by the federal government and provide consumers with a way to find relatively inexpensive insurance policies that may not be available through other markets. All but one co-op has…

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22 health insurance co-ops are in danger of financial collapse

covered care open enrollment

Insurance co-ops are in danger in several states Troubling signs of potential financial collapse are being seen in 22 health insurance co-ops established through the Affordable Care Act. A co-op is a non-profit organization through which the same people that own the organization also receive insurance coverage from the organization itself. These organizations tend to be member-run, making them a source of competition for conventional insurance providers that operate a for-profit businesses. Analysis shows that co-ops are experiencing accelerated net losses According to analysis from the Daily Caller News Foundation…

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New health insurance co-op comes to in West Virginia

West Virginia Health Insurance

New insurance cooperative has won approval to operate in West Virginia A new insurance cooperative is preparing to make its entrance into the West Virginia market. The Kentucky Health Cooperative has received approval from the state’s Offices of the Insurance Commissioner and will be able to offer its health insurance products in West Virginia beginning in November of this year. The policies offered by the cooperative will go into effect on January 1, 2015. The co-op may bring some much needed competition to the state’s insurance market, encouraging other insurance…

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Health insurance co-ops offer an alternative to exchanges

health insurance options

Health insurance co-ops are receiving little attention despite the benefits they offer Health insurance exchanges are receiving a great deal of attention throughout the U.S., but these marketplaces are not the only way for consumers to obtain coverage. Health insurance co-ops are another option that could offer coverage to consumers looking for affordable policies. These co-ops are generally non-profit organizations that are managed by their members, offering more consumer-oriented insurance plans than their counterparts in the private market. These co-ops have received relatively little attention when compared to exchanges. Co-ops…

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