Today it was made known not for profit Obamacare insurer, HealthyCT, will be going out of business. The Department of Insurance issued an order of supervision due to “hazardous financial standing” for HealthyCT. Further, it has been confirmed that they will go out of business in 2017 and are no longer selling new policies.
As a reminder, HealthyCT is a Consumer Operated and Oriented Plan (CO-OP) that was created by the Affordable Care Act. The goal of the “co-ops” across the country was to provide government funding to not for profit health insurance entities that were approved and wanted to build a health insurance company from “scratch” and compete with “for-profit” options.
In total, the government loaned in excess of $1.2b to over 20 start-ups. Over half have since shut down.
BlueBack does not have any business with HealthyCT.
Should you have any questions do not hesitate to contact BlueBack for further clarification.