Obamacare Exchanges Shutting Down
Rick Moran at PJ Media reports:
Kentucky Health Cooperative, an insurance co-op created by Obamacare, is closing its doors after massive losses. This is the fifth co-op to go under this year, following the failure of insurers in Iowa, Louisiana, Nevada, and the largest co-op in the nation, New York.
The “risk corridor” program, what was supposed to reimburse insurance companies for part of their losses, simply isn’t paying out enough money to offset the massive amount in claims being paid off. This is because less money is coming into the program than was expected.
sigh.
About half of the state Obamacare exchanges are facing financial difficulty of varying degrees while total Obamacare enrollment has dropped below 10 million. The entire system is being strangled by simple math: too much money is going out to pay claims and not enough in premiums is coming in. You have to wonder how many insurers would have jumped ship on the state exchanges if not for the risk corridor slush fund.
Twenty-one of twenty-three state co-ops are losing money.
Dan Calabrese over at CainTV.com is also writing about this:
Four exchanges insolvent, 11 receive warning letters . . . and nearly 2 million enrollees aren’t paying their subsidized premiums.
Gosh, who saw this coming? The federal government sets up an artificial market for selling health insurance, sets the prices, subsidizes the premiums, goads people to buy who’ve never before been able to afford it, forbids profits and bans anyone who actually knows what they’re doing from running the darn things.
How could that possibly fail?
In a new working paper, Wharton economists Mark Pauly, Adam Levine and Scott Harrington estimate how much better or worse off the non-poor uninsured are under ObamaCare. They measure the cost of the plans, the benefits of consuming pre-paid medical care and out-of-pocket payments without obtaining coverage. They conclude that, “even under the most optimistic assumptions,” half of the formerly uninsured take on both a higher financial burden and lower welfare, and on net “average welfare for the uninsured population would be estimated to decline after the ACA if all members of that population obtained coverage.”
In other words, ObamaCare harms the people it is supposed to help.
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Source: http://www.spartanburgteaparty.com/2015/10/14/obamacare-exchanges-shutting-down/
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