In attempt to alleviate the burden of the state's CO-OP closing, New York regulators plan to give customers who lost their insurance more time to pick new plans, and they will also pick plans for those who don't do so, according to the Washington Times.
A lack of oversight when implementing the consumer operated and oriented plans as well as their inability to compete are to blame for the small insurers' recent string of failures, experts said Thursday at a hearing held by the House Energy and Commerce Committee's Subcommittee on Oversight and Investigations.
More than half of the originally established Consumer Operated and Oriented Plans (CO-OPs) have failed, with nine CO-OPs closing this fall. Michigan is the most recent state to announce that it will not be offering health law coverage in 2016, and many are uncertain about the future of CO-OP health options.
The Affordable Care Act has created a sea change in healthcare and is allowing innovative solutions to reshape the health insurance industry, according to a series in the New Yorker.
Nearly half of the 23 consumer owned and operated plans have now announced they will shut down, and the Obama administration isn't providing much detail as to why, or what it plans to do to fix the CO-OP program.
The recent shutdown of nine consumer operated and oriented plans established under the Affordable Care Act has officials on both sides of the political spectrum pointing fingers. And in Kentucky, the failure of that state's CO-OP has become a hot-button issue in a tight gubernatorial race.
Faced with the news that two more consumer operated and oriented health plans (CO-OPs) are shutting down, some CO-OPs and small insurers have formed a coalition to push for changes to the Affordable Care Act that they say are making it difficult for them to succeed, according to a report in the Wall Street Journal.
Faced with financial difficulties, Kentucky Health Cooperative, Inc. has become the latest state-based consumer operated and oriented health plan to fail, as the health plan announced it will discontinue selling policies at the end of the year.
Nevada's consumer operated and oriented plan, Nevada Health CO-OP, announced that it will cease operations beginning Jan. 1 due to "market conditions."
As of March 25, over 1 million people enrolled in consumer operated and oriented health insurance plans during the 2015 enrollment period, the National Alliance of State Health CO-OPs announced.