CO-OPs are non-profit health insurers that are governed by consumers and will compete in health insurance exchanges. They are mostly designed for individuals and small groups, which includes small businesses.
California Insurance Commissioner Dave Jones said CO-OPs in California can immediately be an affordable option for roughly 1 million poor individuals and their families and can also “help drive down insurance rates,” according to the report.
California’s law will help CO-OPs receive federal funding in the state. So far, 23 CO-OPs in 23 states have been awarded $1.82 billion to start up and begin offering coverage by Jan. 1, 2014. The CO-OP program still has almost $2 billion remaining in support loans.
More Articles on CO-OPs:
The Benefits and Challenges of CO-OPs: Where Do They Fit in Healthcare Reform?
Vanguard Health Systems, Tufts Medical Center to Start CMS-Backed CO-OP
Improving Cost, Quality Through Provider-Sponsored CO-OPs
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