With the closing of co-op Health Republic, almost 200,000 New York residents' policies will expire, according to USA Today.
Here are five takeaways:
1. Health Republic is the 12th health insurance co-op established under the Affordable Care Act to close.
2. The 12 co-ops received $1.2 billion in taxpayer-funded loans.
3. The co-ops failed for several reasons including a Congressional budget cut that decreased the original $6 billion in grants and loans to $2.4 billion of only loans.
4. Despite Health Republic receiving $265 million in federal loan money, New York regulators shut down the co-op as they found it could not afford to continue operating until the end of the year.
5. Federal agents are working to give more flexibility to the remaining co-ops and provide them technical assistance. Presently, there are 11 remaining co-ops.
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