Monthly Archives:August 2015

Consumers Choice Health Plan of SC beats projections.

4 Aug , 2015,
jtdickerson
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As recently reported by various news sources, a recent audit by the Department of Health and Human Services Office of the Inspector General has revealed that 22 out of the 23 health insurance Co-Op’s formed as a result of the Affordable Care Act “Obamacare”, lost money in 2014.

What many of these articles fail to mention, however, is that here in South Carolina, Consumers Choice Health Plan has actually beat projections! As reported in the HHS OIG audit, as of 12/31/2014 net income for Consumers Choice Health Plan was -$3,808,177. Consumers Choice Health Plan South CarolinaWhat is important to note, however, is that projected net income for CCHP-SC was -$8,135,435. This means that Consumers Choice beat expectations by just over $4.3 million! This is obviously a positive development, and will hopefully prove to enhance competition and choice of health plans for South Carolina residents!

Consumers Choice Health Plan – Looking forward

It is also important to note that, looking forward, initial projections called for Consumers Choice to expect a net loss of $3,852,901 for 2015. Based on initial projections, Consumers Choice is not expected to turn a profit of $1,050,934 for 2016. Of course, given past performance in 2014, reality may be more optimistic. As most industry experts agree, sustainability in health insurance markets is not achieved overnight. A health plan must make incremental improvements to maintain sustainability, while providing quality and value for their membership. Given the positive results so far, we hope that Consumers Choice Health Plan can maintain its positive growth, and provide quality health plan options for South Carolina residents.

Read the full audit here.

If you need help getting enrolled with Consumers Choice Health Plan, please call us directly at 843-882.7062!