ObamaCare will miss it's goal of new enrollment by more than 10 million people for 2016 leaving about 30 million still without coverage; a number that continues to increase.
One-third of the Obamacare health insurance co-ops have now failed, causing about 400,000 policyholders in 10 states to scramble for new coverage for 2016.
Seven of the 23 co-ops created by the Patient Protection Affordable Care Act in 2011 at a cost of $2.4 billion tax dollars ~ including many launched by passionate but inexperienced health reform activists ~ have since closed their doors.
An eighth, the Colorado Health Insurance Cooperative, appears on the brink of default as well.
The failing Obamacare co-ops have canceled health insurance for largely poor and low-income customers in Iowa, Nebraska, Kentucky, West Virginia, Louisiana, Nevada, Tennessee, Vermont, New York and Colorado.
The co-op’s are falling like dominoes. In the last two months, the public has seen co-ops fail in Nevada, Louisiana, Tennessee, Kentucky and New York.
Including Colorado, taxpayers have lost $876 million in loan money that was supposed to last for 15 years. The failed co-op’s existed for only two years before suddenly closing their doors.
More co-op failures are expected. “There will be more closures,” said American Enterprise Institute resident fellow Thomas Miller, a health care expert. “The only question is when rather than whether.”
The Center for Medicare and Medicaid Services, which funded the co-ops, said this summer that six co-ops were under “enhanced oversight” because of poor financial reports. Federal officials refused to identify the six that are in trouble.
The Inspector General of the U.S. Department of Health and Human Services reported in July that 21 of 23 operating co-ops faced staggering losses, some greater than the loans that were expected to last 15 years.
Portions of this narrative appeared at The Daily Caller
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