Connecticut’s co-op, HealthyCT, was placed under an immediate order of supervision on July 5 after being forced to pay $13.4 million for the Affordable Care Act’s risk adjustment program.
The Centers for Medicare and Medicaid Services initially awarded HealthyCT $75.8 million in June 2012, then awarded it $3.8 million in November 2013 and $48.4 million in September 2014.
“It became evident that this risk adjustment mandate would put the company under significant financial strain,” said Katharine Wade, Connecticut’s insurance manager. “This order of supervision provides for an orderly run-off of the company’s claim payment under close regulatory oversight.” More
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