Largest Obamacare Healthcare Co-op to Close
September 29, 2015
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The financial benefits and savings touted by Obama and his allies on the road to Obamacare's passage are still failing to live up to their promise.
In fact, the largest non-profit co-op created under the law is about to fold.
Anna Wilde Mathews of the Wall Street Journal:
Regulators to Shut Down Health Republic Insurance of New York 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. In a statement, Health Republic said it was “deeply disappointed” by the outcome, and pointed to “challenges placed on us by the structure of the CO-OP program.”