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Health Insurance "Co-Op" Gets License, Federal Funding
A new non-profit is one step closer to providing health insurance to those who need it.
Land of Lincoln Health just received an insurance license from the state of Illinois. The license means the company can offer health insurance to people in Illinois when the health care overhaul goes into effect next year.
Land of Lincoln Health just submitted details on their policies Tuesday so they can make sure their coverage is offered on the new online marketplace, where consumers can shop around for a plan that fits their financial footprint.
Land of Lincoln Health said it is the first and only insurance carrier that received federal approval for consumer operated and oriented health insurance plans.
“Because we're non-profit, because we're consumer operated and oriented, the profits don't go to shareholders," Elizabeth Lively, Vice President of Government and External Affairs, said. "They don't go back to a bottom line. They actually we go back to lower premiums or improve the plan offerings in the future."
Land of Lincoln Health also received $160 million in federal funds.
People can start shopping around on the online marketplace beginning October 1 and solidify a policy they can start using beginning January 1.
Land of Lincoln Health was incorporated by the Metropolitan Chicago Healthcare Council.