The co-op, Land of Lincoln Health, will begin offering open enrollment into its plan starting in October with policies going into effect January 2014. The Metropolitan Chicago Healthcare Council, an association of more than 150 Illinois hospitals and healthcare organizations, will manage the co-op.
The Patient Protection and Affordable Care Act allotted $3.8 billion in federal loans to states to launch member-run consumer oriented and operated plans. Illinois is the 24th state to receive approval for such a plan, which operate as non-profits and funnel revenues over expenses back to members through lower premiums, increased benefits or enhanced stability of coverage rather than profit margins.
More Articles on Health Insurance Co-ops:
IRS Issues Temporary Rule on CO-OP Tax-Exempt Status
HHS Issues Final Rule for CO-OP Program
AHA Comments on Co-Op Proposed Rule
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