Today, the Centers for Medicare & Medicaid Services (CMS) announced it has awarded a $69,396,000 loan to Colorado Health Insurance Cooperative, Inc. (CHI) in Colorado to launch a new private non-profit, consumer-governed health insurance company, called a Consumer Operated and Oriented Plan (CO-OP).
“The co-op will help provide more access to quality care in Colorado, especially in rural communities. This announcement proves once again that our state is a leader in finding innovative ways to provide quality care while lowering costs.”
The Colorado Health Insurance Cooperative, Inc. (CHI) is sponsored by the Rocky Mountain Farmers Union Educational and Charitable Foundation, Inc. (RMFU Foundation), which houses educational and outreach programs, and a regional cooperative development center. A significant component of CHI’s plan is to create chapters in communities throughout the state in an effort to fully engage members in the business of the CO-OP. CHI intends to offer benefit plans designed for individuals and employers inside and outside the Colorado Health Benefit Exchange. The CO-OP is committed to offering a qualified health plan at the Silver and Gold benefit levels in both the individual and Small Business Health Options Program (SHOP) Exchange markets. CHI also plans to offer at least one Value Based Plan (VBP) in the small group market. CHI is planning on marketing its insurance programs on a state-wide basis.
For more information on the CO-OP program and recent awardees, please visit: http://www.healthcare.gov/news/factsheets/2012/02/coops02212012a.html.