Business
7:29 am
Tue April 30, 2013

ILL Approves Health-Care Co-Op

A new nonprofit organization, Land of Lincoln Health, is receiving an insurance license from the state of Illinois. The credential clears the way for the organization to offer health insurance coverage in the state in 2014 when the national health overhaul law goes into full effect.

The law created a category of insurance carriers called Consumer Operated and Oriented Plans, or "co-ops." Land of Lincoln Health was the first co-op in Illinois to receive federal approval. It received a $160 million federal loan to begin operations. The Metropolitan Chicago Healthcare Council incorporated Land of Lincoln Health.