Link to Owner Dr. Robert B. Pamplin Jr.

FONT & AUDIO

MORE STORIES


Oregon regulators are moving to take control of a federally funded health insurer, Oregon’s Health CO-OP, saying its finances put the well-being of 20,000 Oregon consumers at risk.


The state is placing the nonprofit insurer into receivership and will dissolve it. Current members are encouraged to find other plans by July 31, when the CO-OP’s plans expire.

“We understand changing plans in the middle of the year will be difficult for Oregonians, but this action was necessary given the sudden deterioration of the company’s financial position,” said Patrick Allen, DCBS director, in a statement.

The insurer lost $18.4 million last year, according to the state. Last week the federal government announced that the CO-OP needs to pay more than $900,000 into a federal risk adjustment program — quite a change from the $5 million that the insurer had earlier been expecting to receive from the federal government this year.

Current members of the CO-OP can choose a new plan with a different insurer starting Monday July 11. They will need to sign up by July 31 to have coverage in place by Aug. 1. They can enroll on the website HealthCare.gov, the only place where lower-income consumers can quality for tax breaks. Or they can sign up directly through an insurance company or broker.

Oregon’s Health CO-OP had long been on a federal watch list due to its troubled finances. But its CEO, Phil Jackson, told the Portland Tribune in February that he felt the worst was over.

The insurers becomes the latest in a string of CO-OPs to fail. Standing for consumer owned and operated plan, COOPs were set up in two dozen states by the Patient Protection and Affordable Care Act in 2014. Oregon’s other CO-OP voluntarily dissolved this year, saying it wanted to protect consumers from an unacceptable level of risk.

Officials encourage Oregon’s Health CO-OP members to call 1-855-268-3767 or email This email address is being protected from spambots. You need JavaScript enabled to view it. for help. More information can be found on dfr.oregon.gov

Go to top
JSN Time 2 is designed by JoomlaShine.com | powered by JSN Sun Framework