State puts Moda Health under supervision due to financial condit - KPTV - FOX 12

State puts Moda Health under supervision due to financial condition

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PORTLAND, OR (KPTV) -

Moda Health Plan, Inc. has been put under supervision by the Oregon Dept. of Consumer & Business Services, Division of Financial Regulation because of concerns over its financial condition.

DCBS said the action started due to Moda's 'excessive operating losses and inadequate capital and surplus.'

"Our primary goal is to ensure consumers are protected," said Patrick Allen, director of the Department of Consumer and Business Services. "We will continue to work closely with the company to find a sustainable path going forward while minimizing risk to consumers."  

DCBS said the supervision began on Wednesday but Moda's insurance policies may still appear on HealthCare.gov through the end of open enrollment, but they advise consumers still shopping for plans to choose a carrier other than Moda.

DCBS also said if you are already enrolled with Moda and need to switch plans, there will be a special enrollment period. In the meantime, Moda policyholders can continue to access medical services and get their claims paid. 

The Portland Trail Blazers released a short statement about how this will effect their partnership with Moda:

"The Trail Blazers' partnership with Moda, Inc., which includes Moda Health and other subsidiaries, remains strong.  We don't anticipate any changes in that partnership following the recent news."

For more information, please visit the DCBS website.

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