******quote***
The state Department of Financial Services [had] ordered Health Republic of New York Sept. 25 to cease writing new health insurance policies and announced that the co-op will wind down its operations after expiration of its existing policies at the end of the year.
However, a subsequent review of the co-op's finances by the department and the Centers for Medicare and Medicaid Services has found that its financial condition is "substantially worse than the company previously reported," the Department of Financial Services said Friday.
[i.e. The co-op lied about its actual finances - DD]
"In light of these developments, NYDFS and the NYSOH (New York State of Health) Marketplace have determined that it is in the best interest of consumers to end all Health Republic policies – both individual and small group – on Nov. 30, 2015, so that customers can transition to new coverage after that date," the department said.
***endquote**
. . . . . . . or not !
And it gets worse. Those losing insurance "must" select another policy by 15 November to cover them through December, . . . and then select another policy by 15 December 15 for the year 2016.
Oh, . . . and Health Republic received $265 million in federal loans when it started up in 2013 and sold insurance policies for less than what many other insurers offered. But the New York City-based nonprofit lost $77.5 million last year and another $52.7 million during the first half of 2015. . . . . . . .
Ref: syracuse.com
The state Department of Financial Services [had] ordered Health Republic of New York Sept. 25 to cease writing new health insurance policies and announced that the co-op will wind down its operations after expiration of its existing policies at the end of the year.
However, a subsequent review of the co-op's finances by the department and the Centers for Medicare and Medicaid Services has found that its financial condition is "substantially worse than the company previously reported," the Department of Financial Services said Friday.
[i.e. The co-op lied about its actual finances - DD]
"In light of these developments, NYDFS and the NYSOH (New York State of Health) Marketplace have determined that it is in the best interest of consumers to end all Health Republic policies – both individual and small group – on Nov. 30, 2015, so that customers can transition to new coverage after that date," the department said.
***endquote**
. . . . . . . or not !
And it gets worse. Those losing insurance "must" select another policy by 15 November to cover them through December, . . . and then select another policy by 15 December 15 for the year 2016.
Oh, . . . and Health Republic received $265 million in federal loans when it started up in 2013 and sold insurance policies for less than what many other insurers offered. But the New York City-based nonprofit lost $77.5 million last year and another $52.7 million during the first half of 2015. . . . . . . .
Ref: syracuse.com