Lewiston, Maine-based Community Health Options will pull out of New Hampshire's health insurance market next year to concentrate on its Maine market, according to the New Hampshire Insurance Department.
New Hampshire Insurance Commissioner Roger Sevigny said exiting the state's market will allow the nonprofit insurer to focus on its home market while working through financial issues. The commissioner said New Hampshire residents will still have four insurers and "numerous" plans to choose from come open enrollment for 2017.
CHO's exit will affect 11,581 individuals in New Hampshire.
Last December the co-op announced it would halt selling individual plans for 2016. The Maine Bureau of Insurance has also been monitoring the co-op on a monthly basis since it reported losses in 2015. Last month CHO reported a net loss that was 19.2 percent worse than anticipated. The co-op is preparing for a total $43 million loss this year.
Affected members will receive a notification letter from the co-op in the next few weeks and will have coverage from CHO through Jan. 1. To maintain coverage, affected members will have to purchase new plans through the state's insurance marketplace during open enrollment beginning Nov. 1. CHO members in New Hampshire who receive coverage through their employers will continue coverage until their plan's renewal date.
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