Another co-op is shutting down, becoming the 15th to do so and bringing the total number of federal loans given to the failed nonprofit insurers to more than $1.5 billion.
Oregon’s Health Co-Op announced last week it will no longer be able to continue operating and will be shutting down. The insurance company is the third in the state to struggle financially and Oregon’s second co-op, following Health Republic Insurance of Oregon, to close its doors.
Oregon’s Health Co-Op’s closure affects more than 20,000 consumers living in the state, and customers have been advised to select new plans by July 31.
“It is with great sadness that I announce Oregon’s Health Co-Op is shutting down its doors immediately,” Phil Jackson, the co-op’s chief executive officer, said in a statement. “The board of directors agreed that it is in the best interests of our members and community that we wind down our operations.”
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