Obamacare company shutdown leaves customers in a lurch, facing higher costs
Ken Sullivan bought health insurance for his family this year from Land of Lincoln Health, a small, nonprofit company in Chicago.
The 52-year-old Chicagoan knew the purchase was a risk because the three-year-old insurer was struggling financially. But he said he didn't have much choice after Blue Cross and Blue Shield of Illinois eliminated his plan last year and its alternative didn't include any of his family's doctors and hospitals.
Now his worst fears have come true.
The Illinois Insurance Department moved Tuesday to shut down Land of Lincoln because of its unstable financial health, leaving about 49,000 policyholders in a lurch. They will lose coverage in the coming months, but neither regulators nor the company have said exactly when.
Read more: http://www.chicagotribune.com/business/ct-obamacare-plan-shutdown-fallout-0714-biz-20160713-story.html