October 29, 2015
Politico/Capital New York
During the past month, five health insurance co-ops across the country have announced they are shutting down at the end of this year.
Health policy analysts are predicting more closures, but Health Republic of New Jersey probably won’t be one of them.
The nonprofit reported net income of $3.1 million for the first half of 2015, according to its second quarter filing with the National Association of Insurance Commissioners. This is a huge turnaround, considering it saw a net loss of $16.5 million at the end of last year.
Co-ops — consumer operated and oriented plans — are nonprofit health insurance companies established under the Affordable Care Act. They were kick-started with federal loans and set up to increase competition in the state-based and federally facilitated health insurance exchanges.
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