Customers of one of the three health cooperatives in the state health exchange are being advised to review their options due to the pending dissolution of CoOportunity Health.
The two-year-old Iowa health insurance cooperative set up with federal loans under the Affordable Care Act is running out of money and may be liquidated.
Jennifer Schwab, the health insurance navigation specialist at CAPWN, says CoOportunity Health customers should pay their premium for January, but then look to make changes to one of the two remaining health cooperatives prior to January 15th to retain insurance starting February 1st.
CoOportunity set its premium rates, in many cases, lower than those of other insurance companies, attracting many customers. But the premiums reportedly did not generate enough revenue to pay for the cooperative’s claims. Schwab says the one positive is that CoOportunity customers will get larger tax credits to jump to the other two insurance options, allowing them to continue having a low premium.
Anyone with questions or needing help should call CAPWN at 1-877-977-3906.