Another Obamacare Co-Op Down — Ohio Non-Profit Insurer Goes Under
Ohio is the latest in a slew of states to see its nonprofit Obamacare co-op go under.
InHealth Mutual announced Thursday its 21,800 members members have 60 days to find new insurance through the federal marketplace, Columbus Business First reported.
The co-op will be liquidated by the State Department of Insurance.
“Our examination of the company’s financials made it clear that the company’s losses would prevent it from paying future claims should its operations continue,” Lt. Gov. Mary Taylor said in a statement provided to The Hill.
Centers for Medicare and Medicaid Services spokesman Aaron Albright assured they are working to make certain everyone stays covered.
Twelve of the insurers created under the Affordable Care Act failed in 2015 and another seven of the remaining co-ops are expected to fail within the year.
The initial 23 co-ops, created to increase competition in the marketplace, received $2.5 billion in federal loans in 2010. Most of the $1.2 billion provided to the failed co-ops isn’t expected to be paid back.
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