Obamacare: CUs Put Coverage on the Services Menu
When the tiny Saguache County Credit Union, plagued by losses for several years, was finally liquidated last spring, its 3,185 members faced not having another financial institution in the area to serve them.
Through a purchase and assumption agreement, the $150 million Aventa Credit Union took over the $17 million cooperative after a conservatorship that had been in place since July 2011 and the subsequent liquidation by the Colorado Division of Financial Services in March 2012.
CUEB will work with Health Partners America, a Birmingham, Ala.-based company that provides insurance brokers with the tools, training and technology to help businesses deliver health coverage. The firm said its private health insurance exchange has implemented more than 100 arrangements.
The way it works after a credit union signs on to CUEB, is members click on a customized platform via their credit union’s website to choose the type of insurance coverage they prefer: health, life, car or homeowner. Once they find a carrier and coverage, they can either apply online or contact CUEB’s call center for assistance. After the member enrolls, they pay their coverage costs directly to the carrier. CUEB is licensed to offer insurance in all 50 states and the District of Columbia.