March 25--Startup health insurer Land of Lincoln stumbled out of the gate last year, plagued by the cost of its premiums and a name that wasn't well known.
After taking out a $160 million federal loan to get on its feet, the company in 2014 signed up only 3,600 people in Illinois in its health plans -- fewer than 2 percent of overall enrollees.
The company diagnosed its problems. It cut its premiums by as much as 30 percent and worked with provider networks such as Presence Health and Adventist Midwest Health to create "preferred partner plans" that it said made it possible to keep not only premiums lower than those of the competition, but deductibles and copays competitive as well.
Late last week, Land of Lincoln signed up its 50,000th member, or 14 percent of the 349,500 or so people who signed up for plans in Illinois for 2015 coverage.
"We're on the pathway to profitability in 2016," President Jason Montrie said.
ehirst@tribpub.com
