Obamacare Co-Op In New York Is Shutting Down After Losing Millions
Originally published on LonelyConservative.com
Well this didn’t take long. Gee, who would have predicted it?
A nonprofit insurer born out of Obamacare is being shut down by state insurance regulators and the federal government.
Health Republic Insurance was ordered by the New York State Department of Financial Services, the Centers for Medicare and Medicaid Service, and the state’s Obamacare exchange, the New York State of Health, to stop writing new policies and wind down its existing policies once they expire. Those policies will be in effect through Dec. 31.
Manhattan-based Health Republic was New York’s only co-op insurer, a new model created under Obamacare. The federal government provided some two dozen co-ops with loans to help them establish new consumer-governed, nonprofit health insurers.
DFS made the announcement before the new open-enrollment period begins for the insurance exchange on Nov. 1.
In a statement, Anthony Albanese, the state’s acting insurance superintendent, said, “Given Health Republic’s financial situation, commencing an orderly wind-down process before the upcoming open-enrollment period is the best course of action to protect consumers.” (Read More)
Health Republic lost millions of dollars, even after hundreds of millions in low interest loans from the federal government.
H/T Charles B.
Read more at LonelyConservative.com
Follow The Lonely Conservative on Twitter – twitter.com/lonelycon
Source: http://lonelyconservative.com/2015/09/obamacare-co-op-in-new-york-is-shutting-down-after-losing-millions/
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).