Moda Health Plan, one of Oregon's largest health insurers, is pulling out of Washington, and plans to shut down in California, after suffering big financial losses, according to Oregon Live.
Here are five facts:
1. The payer learned earlier this month it will only receive $11 million of the almost $90 million it was expecting from the federal government for costs related to the Affordable Care Act.
2. Moda CEO Robert Gootee claimed the company will survive the loss as Oregon Dental Services, Moda's parent company, has sufficient funds to support Moda.
3. In 2014, Moda launched the lowest-cost plans in Oregon for the individual health insurance market created by the ACA. The payer's cheap plans brought in more than 100,000 new customers in Oregon alone.
4. Many of Moda's new enrollees were previously uninsured and utilized their new coverage. Therefore, Moda operated at a $33 million loss during the first six months of 2015.
5. The Oregon Insurance Division is currently monitoring Moda's financial status. The agency officials declined comment on whether they have ordered the payer to raise additional funds or make other changes.
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