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Conn. co-op doomed by risk-adjustment charges

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The beautiful Connecticut  State Capitol in not entirely beautiful Hartford.

Connecticut’s co-op insurer HealthyCT is joining the  list of co-operatives created under the Affordable Care Act forced to close by a huge CMS risk-adjustment charge created by the ACA. The Nutmeg State’s  insurance regulator said the required payments made the plan financially unstable.

The Connecticut Insurance Department has placed HealthyCT under an order of supervision, preventing the insurer from writing new business or renewing existing policies with its customers. HealthyCT provides insurance for 40,000 people: 13,000 on individual plans and 27,000 members on employer plans.

The CMS’s permanent risk-adjustment program is meant to spread insurance risk among all ACA insurers and prevent companies from only covering the healthiest members.

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