The CO-OP background. CO-OPs, in their most basic form, are non-profit health insurers. Hospitals and physicians are viewed as healthcare consumers, so they too have the ability to create health plans to compete directly with the traditional health insurers like UnitedHealthcare and BlueCross BlueShield.Sep 6, 2012
What is a co-op and how does it work?
A Co-op is a member-owned and member-controlled business that operates for the benefit of its members. The members of the co-op own, control, and use the products and services of the co-op. Goal is to provide members and customers with the best possible product or service at the best price.
What is the purpose of a co-op?
The purpose of a cooperative is to realize the economic, cultural and social needs of the organization's members and its surrounding community. Cooperatives often have a strong commitment to their community and a focus on strengthening the community they exist in or serve.
What is a co-op in simple terms?
A cooperative (also known as co-operative, co-op, or coop) is "an autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly-owned enterprise".
What type of a cooperative are health care co-ops?
CO-OPs are private, nonprofit, state-licensed health insurance carriers. Their plans can be sold both inside and outside the health insurance exchanges, depending on the state, and can offer individual, small group, and large group plans.