- Arches Health Plan will be placed in receivership, the Utah Insurance Department announced yesterday.
- Those paying premums can keep their plan through 2015 if they continue to pay their monthly premium. Individuals will need to enroll in new coverage effective January 1, 2016.
- According to a prepared statement, the move to receivership is a consequence of a shortfall in the federal government's "risk corridor" program, which was intended to protect insurers from losses by reallocating funds between insurers.
The closing makes the health cooperative the 10th of such plans to shut their doors before the open enrollment period begins Nov. 1. Last week, the South Carolina plan fell. Colorado, Tennessee, Kentucky, New York and Oregon also recently announced closures.
Evergreen Health Cooperative CEO Peter Beilenson told Healthcare Dive he believes if the cooperatives can make it to the Nov. 1 date, they should be in the game for the long haul.