HealthyCT Press release

HealthyCT has been notified by the federal government that it will receive funding to apply for licensure as an insurer and build a new consumer-oriented health benefit plan in the state of Connecticut starting late next year. The award from the Department of Health and Human Services comes nine months after formation of HealthyCT, a non-profit entity sponsored by the Connecticut State Medical Society and the CSMS-IPA, a statewide independent practice association. HealthyCT is expected to offer health insurance products both on and off the state’s Health Insurance Exchange. This approval is accompanied by $75.8 million in federal loans to meet expected start-up expenses and reserve fund thresholds for state licensing. Click on the link below to read more.
HealthyCT Press release

CMS Press release

The Centers for Medicare & Medicaid Services (CMS) today issued a loan to HealthyCT in Connecticut to launch a new private non-profit, consumer-governed health insurance company, called a Consumer Operated and Oriented Plan (CO-OP). CO-OP loans are only made to private, nonprofit entities that demonstrate a high probability of financial viability. All CO-OPs receiving loans were selected by CMS on a competitive basis based on external independent review by a multi-disciplinary team. Only when CO-OPs meet or exceed developmental milestones are funds allowed to be incrementally drawn down. Click on the link below to read more.
CMS Press release