Iowa official details why CoOportunity Health unraveled

[PoliticAverse]

CoOportunity Health, a nonprofit health insurance cooperative formed in 2013, was counting on $156 million in federal funds to pay the ever-growing claims from its customers, but that money didn’t make it to Des Moines in time.

As a result, CoOportunity is insolvent, and in February the Iowa Division of Insurance will begin shutting it down, a process that could take months.

CoOportunity’s financial problems were detailed for the first time this week by Iowa Insurance Commissioner Nick Gerhart.

He again urged CoOportunity’s 59,850 remaining customers, three-fourths of them in Nebraska and one-fourth in Iowa, to get health insurance from other companies, warning that they could lose tax credits that offset part of their premiums and, for some, reduce out-of-pocket medical costs this year.

Read the rest at: http://www.livewellnebraska.com/consumer/iowa-official-details-why-cooportunity-health-unraveled/article_a56ae64b-4367-5438-82b2-490bb3feee06.html