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Thanks Slade, great information! That certainly explains alot. I was wondering how/where you got this information from and if you have a link to any articles or sources....thanks again!
Iowa and Nebraska Shut Down CoOportunity...UGG
- Thread starter Nikita
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Thanks Slade, great information! That certainly explains alot. I was wondering how/where you got this information from and if you have a link to any articles or sources....thanks again!
I was wondering how/where you got this information from and if you have a link to any articles or sources....thanks again!
I listened in on a FMO teleconference. I want to correct what they said about the spending bill limiting funding to only Co-ops. It prevented the government from using funds for risk corridor payments. Obviously this is going to negatively impact all startup co-ops.
The secret GOP swipe at Obamacare--and you--in the year-end spending bill - LA Times
A co-op problem in Iowa » Balloon Juice
Co-op health insurer taken over by regulators
What changed since July 21, 2015? The December spending bill cut $60 million in expected funding from Cooportunity!
http://www.cooportunityhealth.com/UserDocs/Guides/C-00235_FinancialSolvency.pdf
I listened in on a FMO teleconference. I want to correct what they said about the spending bill limiting funding to only Co-ops. It prevented the government from using funds for risk corridor payments. Obviously this is going to negatively impact all startup co-ops.
The secret GOP swipe at Obamacare--and you--in the year-end spending bill - LA Times
A co-op problem in Iowa » Balloon Juice
Co-op health insurer taken over by regulators
What changed since July 21, 2015? The December spending bill cut $60 million in expected funding from Cooportunity!
http://www.cooportunityhealth.com/UserDocs/Guides/C-00235_FinancialSolvency.pdf
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According to the document, CoOpportunity Health was in good shape as of 7/21/2014. It proudly declares that none of the prior $98 million loan from Uncle Sam was needed or used to pay claims, or any other expenses up to that point. Premium income was covering all expenses. Something catastrophic (or criminal) must have occurred between August and December 2014.
ac
Not necessarily.
Health claims have lag generally at least 60 - 90 days. Jan 1 eff dates don't have any claims hitting the carrier until Feb or Mar.
This would be "normal" claims, not those where someone bought a plan and already had surgery scheduled for January. Also does not include people with chronic conditions normally generating $1k a month or more in ongoing expenses.
Over the years I have seen carriers and MGU's get in trouble real fast because they did not know how to lag their claims. They just look at premiums coming in and claims going out an assume they are doing well.
This was part of the problem with the Ocare roll out and putting pressure on carriers to put out 2015 rates in July and August. They were really only looking at 90 to 120 days worth of claims. Even now their 2014 claims are equal to 9 - 10 months worth. A bit easier to lag than 5 or 6 calendar months of claims but my money says a lot of these co-ops really don't have a handle on where they are financially for 2014.
Everyone can see a doctor just one time:
CoOportunity also has just $17.2 million in cash and assets, which works out to about $143 per member. And the carrier appears to have higher-than-expected utilization among its members.
I hate when this budget neutral stuff gets in the way of stealing money from the taxpayer.
The CO-OP was counting on a $125.6 million reimbursement from CMS through the Affordable Care Act’s (ACA) risk-corridor program, which was designed to shield carriers that wind up with a disproportionate share of high-cost enrollees. But funding from the program won’t be distributed to carriers until August, and a provision included in the $1.1 trillion spending bill signed by President Obama in mid-December requires the program to be budget neutral. CoOportunity indicated that the provision could slash its expected reimbursement in half.
Iowa CO-OP Is in
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So....."you can keep your health plan" extension destroyed the Co-Op? I can see that it contributed with BX staying out completely and extending. Power play? Watch BX get sued for a non-action.
In memory of CoOportunity Health
CoOportunity also has just $17.2 million in cash and assets, which works out to about $143 per member. And the carrier appears to have higher-than-expected utilization among its members.
I hate when this budget neutral stuff gets in the way of stealing money from the taxpayer.
The CO-OP was counting on a $125.6 million reimbursement from CMS through the Affordable Care Act’s (ACA) risk-corridor program, which was designed to shield carriers that wind up with a disproportionate share of high-cost enrollees. But funding from the program won’t be distributed to carriers until August, and a provision included in the $1.1 trillion spending bill signed by President Obama in mid-December requires the program to be budget neutral. CoOportunity indicated that the provision could slash its expected reimbursement in half.
Iowa CO-OP Is in
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So....."you can keep your health plan" extension destroyed the Co-Op? I can see that it contributed with BX staying out completely and extending. Power play? Watch BX get sued for a non-action.
In memory of CoOportunity Health
Who can find Waldo in this article?
Is Waldo the actuary person at Preferred One?
Is Waldo the DOI who asked for even lower prices?
Is the Waldo, the fact that someone realizes that a low balled APTC hurts everyone else's APTC in the county?
Obamacare Insurer PreferredOne Exits Minnesota Marketplace - Businessweek
Is Waldo the actuary person at Preferred One?
Is Waldo the DOI who asked for even lower prices?
Is the Waldo, the fact that someone realizes that a low balled APTC hurts everyone else's APTC in the county?
Obamacare Insurer PreferredOne Exits Minnesota Marketplace - Businessweek
He first stopped at Harvard to console these poor souls:
Harvard professors are angry that their amazing health insurance is getting slightly less generous - The Washington Post
http://www.nytimes.com/2015/01/06/u...-now-roil-its-faculty.html?smid=pl-share&_r=1
Harvard professors are angry that their amazing health insurance is getting slightly less generous - The Washington Post
http://www.nytimes.com/2015/01/06/u...-now-roil-its-faculty.html?smid=pl-share&_r=1
Bummer !! Sorry to those agents out there who sold them. Glad I've got a grand total of 2 people with our Co-Op. A lesson to others out there.
CoOportunity's future looks 'tough,' commissioner says
Gerhart has suspended payment of commissions to insurance agents who sold CoOportunity policies, though he said they might be able to recoup those later.
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CoOportunity Health's prospects look bleak, but regulators should determine soon if it can be salvaged or if it must be liquidated, Iowa's insurance commissioner said Wednesday.
CoOportunity's future looks 'tough,' commissioner says
Gerhart has suspended payment of commissions to insurance agents who sold CoOportunity policies, though he said they might be able to recoup those later.
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CoOportunity Health's prospects look bleak, but regulators should determine soon if it can be salvaged or if it must be liquidated, Iowa's insurance commissioner said Wednesday.
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Iowa erases the Co-Opportunity Commissions and then "encourages" agents to move the clients to "a different company", LOL... There's only one left in Iowa!
Ref: Iowa advises insurance brokers to move CoOportunity clients
Ref: Iowa advises insurance brokers to move CoOportunity clients
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