Insurance Commissioner Places Health Insurer CoOportunity Health in Rehabilitation
Company policies are no longer an option on Iowa Health Insurance Marketplace
Yesterday, on December 23, 2014, the Insurance Commissioner submitted a petition for an Order of Rehabilitation and the Polk County District Court issued an order appointing Insurance Commissioner Nick Gerhart as rehabilitator of CoOportunity Health, Inc.
CoOportunity Health, Inc. did not oppose this order in recognition of the financial concerns of the insurance division. These concerns arose due to insufficient capitalization, the company’s inability to obtain additional capitalization from the Centers for Medicare and Medicaid Services, the unavailability of federal payments of the risk mitigation programs until the second half of 2015, and extremely high health care utilization.
Under this order, CoOportunity Health is no longer offering enrollments in or applications for policies on the federal Health Insurance Marketplace for Iowa for 2015. Additional details are in the Frequently Asked Questions (FAQ) document linked below.
Click here for the access to the petition as filed.
Click here for the order as issued.
Click here for the FAQ prepared for currently enrolled CoOportunity Health, Inc. policyholders and those who have submitted applications for coverage from this company during the open enrollment period that began on November 15.