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 placedin state receivership due to a lack of capital.
The Massachusetts Commissioner of Insurance 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.
Minuteman Health of Massachusetts and New Hampshire is being placed in state receivership due to a lack of capital.