Patterned after the credit union model, Consumers Mutual Insurance of Michigan is prepping to offer health insurance to low- and moderate-income residents and small businesses in need of low cost insurance options starting this summer.
The East Lansing, Mich.-based firm said it received $72 million in a federal loan as part of the Affordable Care Act to become a Consumer Operated and Oriented Plan health insurer operating much as a statewide credit union where interests of members control company decisions.
Members, including individuals and small businesses, will be owners of the new company, according to Consumers Mutual.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.