PORTLAND, Ore., July 8, 2016 /PRNewswire/ -- Oregon's Health CO-OP (CO-OP) today announced that it is going into receivership status. On Thursday, June 30th the organization learned the outcome of the recently announced 2015 risk adjuster. This outcome was not favorable, not only for the CO-OP, but for many other health insurance carriers across the nation. This combined with the high medical loss ratios experienced in the previous months made it clear it was no longer feasible for the CO-OP to continue to operate.
Phil Jackson, Chief Executive Officer for Oregon's Health CO-OP, said, "It is with great sadness that I announce Oregon's Health CO-OP is shutting down its doors immediately. The Board of Directors agreed that it is in the best interests of our members and community that we wind down our operations. As a result of this decision, we are working with the Division of Financial Regulation (DFR) to develop a plan and begin taking steps to facilitate the transition of our membership to other insurers."
Oregon's Health CO-OP currently serves 23,000 Oregonians who have individual and group insurance. DFR and the CO-OP are currently working on a shutting down plan that will be communicated to all members, partners, vendors, brokers to facilitate the transition. "We appreciate all that the broker, employer and provider communities have done to support us. In particular, we want to thank our members, staff and our board for their unwavering belief that a member guided voice could create meaningful change in health care for Oregonians," said Jackson.
For help with questions, consumers can call the Oregon Health Insurance Marketplace at 1-855-268-3767 (toll-free) or email email@example.com. More information and questions and answers are available on dfr.oregon.gov.
About Oregon's Health CO-OPOregon's Health CO-OP is a non-profit, member-driven, member-governed health insurance that provides individual and group insurance plans. For more information, visit www.ohcoop.org.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/oregons-health-co-op-goes-into-receivership-status-300296160.html
SOURCE Oregons Health CO-OP
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