The Kentucky Health Cooperative is going out of business and will not enroll new members, leaving thousands without health insurance, according to Forbes.
Here are five things to know:
1. With the Kentucky Health Cooperative closing, 51,000 members will need to find other coverage. The co-op had the second-largest co-op enrollment in the nation.
2. Kentucky Health Cooperative was awarded $146.5 million in taxpayer loans. The co-op aimed to receive risk-protection payments from payers.
3. The co-op asked for $77 million from the risk corridor program but was going to receive only $9.7 million.
4. Many officials blame the ACA for the closing of the nation's leading health co-ops. Senate Majority Leader Mitch McConnell (R-Ky.) said, "Despite repeated Obama administration bailout attempts, this is the latest in a string of broken promises with real consequences for the people of Kentucky who may now be losing the health insurance they had and liked twice within the last three years because of Obamacare’s failures."
5. Kentucky Health Cooperative reported a medical loss ratio of 158 percent for 2014. The co-op spent an additional 58 cents for every premium dollar it collected on the cost of claims.
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