New Mexico's ACA co-op in dire straits

New Mexico Health Connections, which sells ACA plans, isn't doing well. Photo: Andrew Harnik / AP

New Mexico Health Connections, a not-for-profit insurance co-op funded through the Affordable Care Act, is a month overdue in filing its second-quarter financial paperwork. And the co-op's most recent documents, as well as federal ACA documents, show potentially large financial problems that could force New Mexico to shut the company down.

Why it matters: It's an ominous sign when a health insurer can't close its books, although a spokeswoman for NMHC said the state granted a filing extension. But the ACA's open enrollment for 2018 is not far away. This also could be another potential black eye for the ACA's co-op program, in which 19 of 23 companies have already gone under.