Connecticut Obamacare Co-Op Going Out of Business

Connecticut’s Obamacare health insurance co-op is being placed under state supervision because of its status as financially “unstable,” leaving 40,000 individuals on the hunt for new insurance plans.

HealthyCT – a nonprofit health insurance plan set up under President Barack Obama’s signature health care reform, is one of 23 original Obamacare co-ops and the 14th to fail since they began selling their health insurance plans on the Obamacare exchanges.

Obamacare exchange Access Health CT CEO Jim Wadleigh released a statement following the announcement from Connecticut Insurance Department regulators that HealthyCT would no longer be permitted to sell plans in Connecticut.

We have just learned from the Connecticut Insurance Department that insurance company HealthyCT has been ordered to stop writing new policies in Connecticut effective immediately. As a result, Access Health CT will no longer be selling healthcare coverage offered by HealthyCT on the exchange. We realize that this will cause some concern for customers who purchased a HealthyCT plan via AHCT and we are committed to making sure they receive the help they need to find new coverage.

“HealthyCT is committed to its customers and partners, and we will continue to support them, pay claims, and meet other financial obligations during the period of supervision,” said the co-op’s CEO Kenneth Lalime.

According to the Hartford Courant, about 10 percent – or 10,500 – Connecticut residents with Obamacare policies will have to purchase new insurance plans by the end of the year as a result of HealthyCT’s failure.

“Another 27,000 policyholders, covered under group plans through small and large businesses, could have to switch sooner,” the news report states. “Those with plans set for renewal Aug. 1 will need to find a new health insurer before then, while those that had their plans renewed July 1 will be covered by HealthyCT through June 30, 2017.”

“People shouldn’t panic,” insurance Commissioner Katharine Wade said. “They’re going to have their coverage to the end of the year. The providers are going to get paid.”

Source: Connecticut Obamacare Co-Op Going Out of Business – Breitbart

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One response to “Connecticut Obamacare Co-Op Going Out of Business

  1. Just another prophecy by a lot of us that Obamacare wasn’t workable. That America would be hurt by it and the level of care would plummet! If it wasn’t just so darn sad, we could take a victory lap. Bad form when so many are hurting….
    Thanks Deacon!

    Liked by 1 person