Just received a CMS email that Iowa and Nebraska DOI has requested that CoOportunity be removed from the Federal Marketplace and no new customers enrolled due to serious concerns about solvency....this is just about the worst possible news an agent can receive on the day before Christmas! How many hours wasted on re-enrolling all the CoOp clients for 2015 and now have to go back and re-enroll all of them into Coventry. I've heard serious customer service complaints about Coventry as well and many doctors do not accept them. Just a huge cluster **** and depresses me beyond words!!! Truly wish I had never gotten into Marketplace business at all, not worth the hassle and wasted time!!
Iowa and Nebraska Shut Down CoOportunity...UGG
- Thread starter Nikita
- Start date
- 4,716
I'm really sorry to hear this......that really bites hard....so much wasted time and precious labor.
- 599
From what I read, anyone that was enrolled in CoOp before 12/16 don't have to switch.
CoOportunity Health falters, taken over by state
Supposedly, the client can keep the policy if written before 12/15.
Question is........ will commissions be paid out on this business or not? I highly doubt they will if the funds run out, which will probably happen, with only $17M left in the bank, and doubt they will use the state reinsurance to pay out agents.
I would roll them ASAP just for this reason alone.
Even though our Co-Op in AZ was the cheapest (for a reason = tiny networks), I avoided writing them for this very reason (just 2 apps), a non proven entity comes with different risks for the agent and the client.
Anyone else starting to see this thing IMPLODE?
Question is........ will commissions be paid out on this business or not? I highly doubt they will if the funds run out, which will probably happen, with only $17M left in the bank, and doubt they will use the state reinsurance to pay out agents.
I would roll them ASAP just for this reason alone.
Even though our Co-Op in AZ was the cheapest (for a reason = tiny networks), I avoided writing them for this very reason (just 2 apps), a non proven entity comes with different risks for the agent and the client.
Anyone else starting to see this thing IMPLODE?
- 483
Nikita, Was CoOp competitive where you are? Here in Des Moines metro Coventry had them beat. Gunderson and Avera aren't offered here so nearly all my exchange business was with Coventry. The network isn't too bad. UnityPoint and Mercy are all over down here. I do agree that Coventry's service levels have dropped off considerably since the Aetna acquisition.
I think the CoOp providers might bail out of the network eventually, so I'll roll the very few I have to Coventry.
I think the CoOp providers might bail out of the network eventually, so I'll roll the very few I have to Coventry.
- 8,448
12/29/2014
Re: Iowa Obamacare Insurer's Collapse Could Leave Customers On The Hook For Thousands | The Daily Caller
Lots of people will have to pay two OOP's next year due to the Iowa/Nebraska Cooperative's ineptness and poorly timed announcement.
Since the Iowa insurance commissioner is advising affected customers to change plans, would this trigger a Special Enrollment Period, enabling these unfortunate Co-op members the opportunity to get a January 1, 2015 effective date?
ac
Re: Iowa Obamacare Insurer's Collapse Could Leave Customers On The Hook For Thousands | The Daily Caller
Lots of people will have to pay two OOP's next year due to the Iowa/Nebraska Cooperative's ineptness and poorly timed announcement.
Since the Iowa insurance commissioner is advising affected customers to change plans, would this trigger a Special Enrollment Period, enabling these unfortunate Co-op members the opportunity to get a January 1, 2015 effective date?
ac
This is why I dont do exchange business...
Commissions and premium refunds are debts of the carrier and are subordinate to claims.
Claims paid first, then creditors.
Most (if not all) of these start ups were politically connected and saw this a free money with no risk. That's a bad combination.
Even though this (GI, community rating, etc) is new ground for carriers at least they have a premium base to work from.
These clowns are starting from scratch and probably have no idea how to lag claims to get a true picture of where they are and where they are going.
Co-ops will be a repeat of Solyndra.
Even the marginal carriers like Asssurant, Aetna, Cigna and UHC that never had their heart in this new world will slip away into IFP oblivion by 2016 or 2017 at the latest.
Stupid government and the unmistakably negative consequences of their actions makes me want to put my head in a vise! Some *** law makers with their annoying and persistent intent of circumventing Obamacare, place funding limitations to healthcare co-ops in the 1.1 trillion dollar spending bill which passed December 9th. It was signed into law by the equally inept president on December 16, helping to undercut his own signature healthcare law. Hawaii here I come!
Cooportunity had the lowest cost silver plan. Removing them from healthcare.gov raised the amount of tax credit the government will now be paying by around $1000 per eligible applicant per year. A move meant to save tax payer dollars will in all likelihood, cost even more money. Had they just continued to provide adequate funding to Cooportunity, it would have been less expensive and 120,000 of their constituents wouldn't be in a pickle, scrambling to find other coverage over the holidays.
Cooportunity had the lowest cost silver plan. Removing them from healthcare.gov raised the amount of tax credit the government will now be paying by around $1000 per eligible applicant per year. A move meant to save tax payer dollars will in all likelihood, cost even more money. Had they just continued to provide adequate funding to Cooportunity, it would have been less expensive and 120,000 of their constituents wouldn't be in a pickle, scrambling to find other coverage over the holidays.
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