Four ObamaCare Co-Ops Down, 19 To Go
As “Aleister” puts it at the Legal Insurrection blog, “You can’t even keep your new plan.” Another ObamaCare Co-Op is going under:
Regulators will shut down Health Republic Insurance of New York, the largest of the nonprofit cooperatives created under the Affordable Care Act, in the latest sign of the financial pressures facing many insurers that participated in the law’s new marketplaces.
The insurer lost about $52.7 million in the first six months of this year, on top of a $77.5 million loss in 2014, according to regulatory filings.
The move to wind down its operations was made jointly by officials from the federal Centers for Medicare & Medicaid Services; New York’s state insurance exchange, known as New York State of Health; and the New York State Department of Financial Services.
Health Republic Insurance is apparently the largest of the Co-Ops, with about 215,000 members. It’s closure drops the number of ObamaCare Co-Ops from 23 to 19, following the closings of Co-Ops in Iowa, Louisiana, and Nevada. Those Co-Ops lost $146 million, $65 million, and $66 million, respectively, in taxpayer loans. But those three put together don’t total the $356 million in taxpayer startup and emergency solvency loans lost by Health Republic.
Even the Obama Administration acknowledges that the Co-Ops are in trouble. Sort of:
HHS spokesman Ben Wakana said in a statement that co-ops have played an “important role” in increasing competition in the health law’s marketplaces.
However, he added “as a startup business, we recognize not all will succeed.”
“If a CO-OP has solvency issues, and we cannot rule out that others may this year, we will work with the states so that consumers have affordable options on the Marketplace,” Wakana said.
Source: http://www.conservativeblog.org/amyridenour/2015/9/30/four-obamacare-co-ops-down-19-to-go.html
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Please Help Support BeforeitsNews by trying our Natural Health Products below!
Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST
Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!
HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.
Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.
MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser! Cleans out toxic buildup with oxygen!
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover - Reduces Smart Meter radiation by 96%! (See Video).