Six of the seven Obamacare co-ops that are still in operation are currently on corrective action plans, according to an official from the Centers for Medicare and Medicaid Services.
The Illinois Department of Insuranceannounced this week that it was requesting an order of rehabilitation for the state’s Land of Lincoln Health co-op because of its unsustainable financial position. The co-op was originally awarded $160.2 million by CMS.
This closing announcement has brought the number of failed co-ops from 15, which was reported earlier this week, to 16.
Kevin Counihan, a top official for the Centers for Medicare and Medicaid services, told lawmakers on Wednesday that of the seven co-ops that are still in operation, six have been placed on corrective action plans. Co-ops are flagged for these plans when the agency has identified issues with the co-ops finances, operations, compliance or management processes.