If you have been a health insurance policy holder – or just recently signed up for health coverage – with CoOportunity Health, it may be time to look for a different health insurance provider.
It was announced on Christmas Eve (Dec. 24) that the health insurance cooperative, which was designed to give individuals and businesses an affordable choice in the limited market following implementation of the Affordable Care Act (aka Obamacare), has been taken over by Iowa state regulators and could likely be insolvent in the near future. Several factors contributed, among them- lower federal aide received than anticipated and higher-than-expected enrollees.
The news came as a surprise to agents also and most read about the looming problem in the news. Elgin insurance agent Bev Clark is encouraging everyone to not delay in looking for another carrier.
“Contact your (insurance) agent,” she said on Monday. If you purchased your health insurance on your own, you’ll need to revisit the marketplace and select a new plan with a different company or visit with an agent about your options.
“For people just switching (to CoOpportunity), we will have to wait to find out if their previous provider will take them back,” added Clark.
If you purchased your policy with CoOpportunity before Dec. 16, 2014, you can continue using your policy however you should consider switching to another carrier.
The deadline for signing up with a compliant health insurance company is Feb. 15, 2015.