PORTLAND, Maine — The health care insurer that stumbled last year after quickly enrolling people in underpriced plans exceeded its financial goals for February.
The state’s Bureau of Insurance has put the Lewiston-based co-op Maine Community Health Options under close scrutiny after it closed 2015 facing $74 million in losses. Those losses included a $31 million shortfall for the year and a projected $43 million loss in 2016.
In its second monthly report, the state regulators said the insurer is on track with the financial plan crafted to make it through the year.
The Bureau of Insurance reported that claims and net income through February were consistent with the 2016 financial plan and the insurer’s cash position improved slightly from the end of the year.
A company spokesman said in late March that the increased scrutiny and financial results do not affect coverage for its membership of about 84,000 people. About 85 percent of those members are in Maine, according to the state.
The insurer expects it will raise its rates for 2017 enrollment, which it is set to propose by a filing deadline later this month. The company has not indicated the possible extent of that increase.
MCHO is one of the nonprofit insurance co-ops set up under the Affordable Care Act, also called Obamacare, in order to compete with private insurers on new health care exchanges. The Lewiston co-op outperformed every other co-op in 2014, as the only one to turn a profit.