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8 More Obamacare Co-ops Will Probably Shut Down

8 More Obamacare Co-ops Will Probably Shut Down

The dumpster fire rages on

Towards the end of last year, Obamacare co-ops were dropping like flies.

12 of the 23 taxpayer funded non-profit co-ops created under the Affordable Care Act were shuttered, and the largest of them is under investigation. By the end of 2014, 21 of the 23 non-profit health insurance co-ops created under the ACA were losing money. Enrollment was well beneath expectations in 13 of the 23 plans.

And the news isn’t getting any better.

Records obtained by Richard Pollack of the Daily Caller indicate another 8 co-ops might be on their way out this year:

“In general, there’s not a turnaround in sight. The same problems that plagued them before are continuing,” Thomas P. Miller, senior fellow at the American Enterprise Institute who previously served as the senior health economist for the congressional Joint Economic Committee, told TheDCNF.

Obamacare advocates hoped the tax-funded non-profit co-ops would successfully compete with for-profit commercial insurance companies and drive down healthcare costs and eventually become permanent fixtures in the marketplace.

Data compiled by TheDCNF based on the co-op 2015 annual reports suggest eight are likely to default and only four of them will be in business by year’s end.

The co-op documents obtained by TheDCNF were annual reports filed before state insurance regulators. The reports must accurately depict the financial health of the co-ops and are current through the end of calendar year 2015. The annual reports became available to the public in mid-March.

And then there were 4. Until those became insolvent and closed down, too.

Follow Kemberlee on Twitter @kemberleekaye

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Comments

JimMtnViewCaUSA | April 11, 2016 at 3:47 pm

Biggest for profit health insurer starts to back away. Other biggies are losing lots of money.
http://finance.yahoo.com/news/unitedhealth-makes-good-threat-pull-215900019.html

Many said at the time that ObamaCare was designed to fail.

Agatha was a mystery writer, ain’t no mystery in ocare.

So if Obamacare isn’t the solution, what is?

    rinardman in reply to siguiriya. | April 11, 2016 at 6:41 pm

    What’s been their plan, all along: single payer.

    JackRussellTerrierist in reply to siguiriya. | April 11, 2016 at 7:14 pm

    Kill all the lawyers and “health insurance” carriers. Go strictly catastrophic.

    DaveGinOly in reply to siguiriya. | April 12, 2016 at 12:06 am

    Obamacare is an implementation of the Hegelian dilectic. Want to implement a policy? Cause a catastrophe so bad that people who would otherwise oppose your policy will demand it as a solution to the problem you caused.

The whole point was to get private companies out of the health insurance business (and effectively the healthcare industry). Cause failure of the co-ops, cry that the insurance industry and healthcare providers are to blame, show pictures of the downtrodden who are losing their healthcare. Make healthcare “fair” for everyone by having the government take control. Well, except for Congress and certain special people. And if you have money, you can always buy “supplemental” packages or simply pay cash.

The legacy of this man is going to doom us all to fail as a nation, ObamaCare is just one of the many failures that will come out when this POS is gone.

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