Here are six notes:
1. The state did say although it filed a supervision order, HealthyCT’s shut down is not definite, and the co-op may cease being under supervision if it does better financially.
2. Based on HealthyCT’s current financial standing, more people cannot sign up for coverage with the co-op, and the state is cautioning existing enrollees to begin seeking new coverage when their plans expire.
3. The state says the ACA’s risk-adjustment program is at fault for the co-op’s failing financial state.
4. In late June, Land of Lincoln Health, Illinois’ co-op, sued the federal government for failing to pay the company nearly $72 million in payments the co-op claimed it was owed under the risk-corridor program.
5. Evergreen Health Cooperative, a Maryland co-op, was the first co-op to file a lawsuit against the federal government, and claims the ACA’s risk adjustment program is “dangerously flawed.”
6. In a statement, Connecticut Insurance Commissioner Katharine Wade said, “This is not an action that we take lightly but did so in order to immediately protect the company’s 40,000 policyholders in Connecticut and make certain that their claims will be paid under the terms of their policies and for the duration of those policies.”
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