CHICAGO (AP) – The Illinois Department of Insurance says individual Land of Lincoln policyholders will see their insurance coverage end Oct. 1.
Earlier this month, the Insurance Department announced it will take over Land of Lincoln Health and prepare the company for liquidation. The department posted a notice of the end of individual coverage on the Land of Lincoln website.
Because of the insurance co-op’s failure, individual policyholders can purchase new health insurance with other agencies beginning Aug. 2. The insurance department’s notice also advised employers who purchased group coverage from Land of Lincoln to contact an agent or broker to explore options.
Land of Lincoln is a nonprofit co-op, one of 23 established under the Affordable Care Act. Nationwide, more than a dozen of the original co-ops have closed.