Colorado HealthOP, largest health insurer on Colorado exchange collapses
DENVER (AP) — Colorado's biggest nonprofit health insurer announced its closure Friday, forcing nearly 83,000 Coloradans to find a new insurer for 2016.
Colorado HealthOP announced Friday that the state Division of Insurance has de-certified it as an eligible insurance company. That's because the cooperative relied on federal support, and federal authorities announced last month they wouldn't be able to pay most of what they owed in a program designed to help health insurance co-ops get established.
The Colorado announcement makes the co-op the seventh in the nation to collapse. Similar nonprofit insurers have already failed in Kentucky, Louisiana, Iowa/Nebraska, Nevada, New York and Tennessee.
Open enrollment for 2016 starts Nov. 1. The Colorado Division of Insurance must first certify insurers before they're allowed to sell plans, so the de-certification essentially puts Colorado HealthOP out of business.
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most of what they owed in a program designed to help health insurance co-ops get established.'
