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.
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