Obamacare co-op goes bankrupt

Discussion in 'News / Current Events' started by carpro, Aug 6, 2015.

  1. carpro

    carpro
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    http://www.foxnews.com/politics/201...rs-over-140-million-1878654355/?intcmp=hplnws


    First ObamaCare co-op to fail could cost taxpayers over $140 million


    The first Obamacare-created insurer to go under could cost federal taxpayers up to $140 million, according to a new court filing.

    CoOportunity Health, a nonprofit insurer created with $147 million in federal taxpayer loans as a result of the Affordable Care Act, was taken over by the state of Iowa in 2014 and declared insolvent in March of this year.


    SNIP


    CoOportunity is the first Obamacare co-op to go under, but it will already be joined by a second this year. Louisiana Health Co-operative will shut down Dec. 31, 2015, according to Modern Healthcare.
     
  2. carpro

    carpro
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    http://dailycaller.com/2015/07/30/i...-were-in-the-red-after-obamacares-first-year/


    IG: After Billions In Loans, Almost All Obamacare Co-Ops Were In The Red After Obamacare’s First Year


    Almost all of Obamacare’s landmark health insurance co-ops are in financial trouble.

    The co-ops were invented by the health-care law — they’re private nonprofits that were awarded a total of $2.4 billion in loans from the federal government, in order to establish nonprofit competition to private health insurance companies. Most of the 23 Obamacare co-ops failed to meet their own enrollment and profitability expectations in 2014, according to a report from the Department of Health and Human Services Inspector General — and 21 of 23 totaled up a net loss for the first year of Obamacare’s operation.


    SNIP


    Financial troubles at so many of Obamacare’s prized co-ops could bring worries that the $2.4 billion in taxpayer loans may not end up being paid in full. Some co-ops are already closing down, just a year and a half since they first began.
     
  3. Jkdbuck76

    Jkdbuck76
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    We have to pass the bill to know what's in it.
    Remember: the real UGLY stuff hidden in Obeymecare doesn't kick in until after he leaves office. The great ripoff that is Obeymecare hasn't even begun to hurt, folks. And when it eventually fails, the Kenyan will blame Repugnicans for it.

    Sent from my KFTT using Tapatalk
     

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