The Nevada Health CO-OP, a nonprofit health insurance option offered on the Nevada exchange, announced Wednesday it will close on Jan. 1, 2016 due to challenging market conditions. The board voted to continue operations through the end of the year to avoid disrupting its members' health insurance coverage.
"With a second year of high claims costs and limited opportunities for new investment, it has become clear that the amount of growth required to provide quality care at reasonable rates will be unlikely in the next plan year," NHC CEO Pam Egan said in the news release. "NHC is working responsibly and pro-actively with the Nevada Division of Insurance and the Centers for Medicare and Medicaid Services to ensure that we meet all deadlines and fulfill obligations to our current members."
When open enrollment begins in November, members will be able to choose coverage with other carriers. The CO-OP said it will work with employer groups who wish to change coverage before the end of the year.
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