ACA’s Risk Adjustment Program aims to temporarily level the financial playing field for payers absorbing newly insured, costlier members.
“As a result of this decision, we are working with the Division of Financial Regulation to develop a plan and begin taking steps to facilitate the transition of our membership to other insurers,” Oregon’s Health CEO Phil Jackson said.
Affected members will need to find a new plan by July 31, The Hill reported.
Eight of the original 23 co-ops created under the ACA remain. Last week, Wallingford, Conn.-based HealthyCT was placed under an order of supervision by the Connecticut Insurance Department, immediately prohibiting its sale or renewal of health plans and leaving 40,000 uninsured. Baltimore-based Evergreen Health Cooperative also announced last week it will have to shell out $24.2 million in risk adjustment fees, which represents more than a quarter of the payer’s $85 million premium revenue this year.
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