And another Obamacare co-op bites the dust

And another Obamacare co-op bites the dust

Another Obamacare co-op is being shut down by state regulators. HealthyCT will become the 14th co-op out of the original 23 to fail. The co-op will continue to insure current customers until next summer but it can not add any new customers or renew current ones. CNBC reports:

Connecticut’s financially “unstable” Obamacare health-insurance co-op was placed under state supervision on Tuesday, as regulators said 40,000 people covered by the company will ultimately have to find new plans for the coming year…

Until last week, the nonprofit HealthyCT had “adequate capital and sustainable liquidity” — but that fell apart Thursday with a federal requirement that hit HealthyCT with a $13.4 million bill, according to the Connecticut Insurance Department.

The co-op only learned last Thursday that it would be required to make the $13 million payment to the government. …

Healthy CT insures about 13,000 individual customers through the Obamacare exchange. It also covered another 27,000 through employer plans.

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