The Lewiston, Maine-based insurance co-op has set aside $43 million to cover an expected 2016 loss, the Portland Press Herald reported. The bureau has been watching the insurer after it posted $31 million in losses in 2015.
In light of expected losses, CHO requested a 22.8 percent premium rate increase for its 2017 Affordable Care Act individual plans.
The insurer reported a 4.3 percent drop in membership in June, but membership was still 3.7 percent higher than at the end of 2015. Paid claims were 1 percent higher in June but incurred claims dropped 0.6 percent.
More articles about payer issues:
Despite positive Q2 results, Aetna halts plans to participate in more ACA exchanges
Anthem requests separate trial from Aetna-Humana
Trios hospitals join Group Health Access network
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