Illinois Health Insurance Co-op, Land of Lincoln to Shut Down as Result of Poor Financial Health
Land of Lincoln, an Illinois health insurance co-op which is one among the twenty three nonprofit health insurers - co-ops is going for liquidation.
The health insurance co-op with 49,000 policyholders in Illinois lost $90 million in 2015 and more than $17 million through May 31, 2016. It's a three year-old startup which is the most recent casualty among the struggling group of nonprofit alternative insurers that were set up under the Affordable Care Act.
Authorities in Illinois on Tuesday took measures to take control of Land of Lincoln Health and start a methodical shutdown.
The officials said that policyholders will be allowed to buy coverage from different insurers prior to termination of their Land of Lincoln plans, but a definite timeline was not mentioned as to when the policies will finally lapse.
Jason Montrie, president and interim CEO of Chicago-based Land of Lincoln said, "It's a bad day for the marketplace in Illinois and our consumers. This is the end."
Financial health of the insurance company was deteriorating and according to the Department of Insurance, the decision to shut it down is based on that.
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