BOSTON — Massachusetts officials say the state has taken control of a Boston-based health insurer that was created under a program of the Affordable Care Act.
Officials at the Division of Insurance said Thursday that the move was needed because Minuteman Health Inc. was running low on cash, but they say it will still be able to pay all claims this year and policyholders shouldn’t notice any difference.
The company has 37,000 members in Massachusetts and New Hampshire.
The company had previously announced plans to drop its nonprofit status and operate on a for-profit basis. It blames its financial troubles in part on an Obamacare policy known as risk adjustment that requires insurers with healthier members to make payments to those with sicker members.