About 200,000 New Yorkers are losing their plans after the state's consumer operated and oriented plan (CO-OP)--Health Republic of New York--announced that it was shutting down. In attempt to alleviate the burden this brings, New York regulators are now saying that they plan to give customers who lost their insurance more time to pick new plans, and they will also pick plans for those who don't do so themselves, the Washington Times reports.
Testimony provided at a Nov. 5 congressional hearing noted that the failure of 12 CO-OPs, which debuted as part of the Affordable Care Act, has cost taxpayers approximately $1.23 billion.
"We will continue to take aggressive action to protect consumers in the wake of Health Republic's failure," state Department of Financial Services Acting Superintendent Anthony J. Albanese said, according to the Washington Times. Article