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Ninth Cooperative Formed Under Affordable Care Act Closing
Source: Associated Press
Ninth Cooperative Formed Under Affordable Care Act Closing
By THE ASSOCIATED PRESS COLUMBIA, S.C. — Oct 22, 2015, 3:28 PM ET
A South Carolina health insurance cooperative says it is closing, becoming the ninth cooperative formed nationwide under the Affordable Care Act to fold.
The state Insurance Department announced Thursday that Consumers' Choice Health Insurance Co. will not sell policies in 2016, leaving 67,000 individuals and business customers looking for insurance.
The company said it is shutting down because of changes in the Affordable Care Act.
Insurance companies had sought $2.9 billion for covering people in so-called risk corridors last year. But they will only receive about $360 million, less than 13 percent of the request. Risk corridors were designed to ease the impact on companies of taking on uninsured people.
Twenty-three health insurance cooperatives were formed under the Affordable Care Act.
By THE ASSOCIATED PRESS COLUMBIA, S.C. — Oct 22, 2015, 3:28 PM ET
A South Carolina health insurance cooperative says it is closing, becoming the ninth cooperative formed nationwide under the Affordable Care Act to fold.
The state Insurance Department announced Thursday that Consumers' Choice Health Insurance Co. will not sell policies in 2016, leaving 67,000 individuals and business customers looking for insurance.
The company said it is shutting down because of changes in the Affordable Care Act.
Insurance companies had sought $2.9 billion for covering people in so-called risk corridors last year. But they will only receive about $360 million, less than 13 percent of the request. Risk corridors were designed to ease the impact on companies of taking on uninsured people.
Twenty-three health insurance cooperatives were formed under the Affordable Care Act.
http://abcnews.go.com/US/wireStory/ninth-cooperative-formed-affordable-care-act-closing-34661154
2 replies
= new reply since forum marked as read
= new reply since forum marked as read
The only option left will be BC/BS at a substantial premium to what I was paying with Consumer's Choice.
Damned if you do, damned if you don't.
p.s. - I do wonder why they bothered sending out ballots for Board of Directors this month. 
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