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Wednesday, 08/09/2017 9:07:55 AM

Wednesday, August 09, 2017 9:07:55 AM

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Obamacare Co-Op Now in State Receivership After Exiting Obamacare Exchanges

Minuteman Health of Massachusetts and New Hampshire announced in June it was planning to exit the Obamacare exchanges next year, but now the co-op is being placed in state receivership due to a lack of capital.

The Massachusetts Commissioner of Insurance, Gary Anderson, announced that the Obamacare co-op is now under its control as the Supreme Judicial Court granted the commissioner receivership. The commissioner said Minuteman Health’s capitalization is very thin, and this action was done to protect policyholders and health care providers.

Even though the commissioner says the co-op has limited capitalization, it notes it is still solvent and has enough funds to pay all of its insurance claims.

Chris Goetcheus, a spokesman for the Division of Insurance, said that while Minuteman’s risk-based capital has been low for some time, “the commissioner had decided it had reached a point where he needed to take control of the company and make sure providers were paid.”


"It’s the normal course of business," Goetcheus said. "Policy holders will contact Minuteman as they have previously. Providers will be paid in a timely fashion. Business as usual. We will be in very close dialogue with Minuteman as we have in the months leading up to this. Effectively the commissioner is in charge of the company so we will have all the info the company has."

http://truepundit.com/obamacare-co-op-now-in-state-receivership-after-exiting-obamacare-exchanges/
https://www.bizjournals.com/boston/news/2017/08/03/minuteman-health-placed-under-state-control.html

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