A new Iowa-based health insurance company created through funds made available by the Affordable Care Act has been taken over by the Iowa Insurance Division due to a “hazardous financial condition.”
The new company, CoOportunity Health, enrolled more than 100,000 people during its first year, and now many local businesses and individuals are concerned about the future of their health insurance.
The Iowa Insurance Division was granted authority to manage the company on Dec. 23.
“We recommend clients of CoOportunity move their health coverage as soon as possible,” said Iowa Insurance Commissioner Nick Gerhart. Individuals wanting to take advantage of the Open Enrollment Period have until Feb. 15 to select a new carrier.
“I am currently working with all of our impacted CoOportunity clients to find them alternative coverage,” said Jeff Maki of Clemon-Maki Insurance in Newton. “For example, I am helping some individuals who purchased on the Marketplace move to Coventry so they can still receive tax credits. I am also helping those who purchased off the Marketplace who have options available with Wellmark.”
According to Commissioner Gerhart, businesses who selected CoOportunity Health for their employees should also consider switching their plans now. Businesses have several options for alternative coverage.
Impacted companies or individuals should consider contacting their agent immediately to discuss their options. Those who applied for insurance coverage without an agent may want to contact Jeff Maki in Newton now to review their options.