News for social, fiscal & national security conservatives who believe in God, family & the USA. Upholding the rights granted by God & guaranteed by the U.S. Constitution, traditional family values, "republican" principles / ideals, transparent & limited "smaller" government, free markets, lower taxes, due process of law, liberty & individual freedom. All content approval rests with the ARRA News Service Editor. Opinions are those of the authors. While varied positions are reported, beliefs & principles remain fixed. No revenue is generated for this site - no paid ads accepted - no payments for articles. Fair Use doctrine is posted & used. Editor/Founder: Bill Smith, Ph.D. [aka: OzarkGuru & 2010 AFP National Blogger of the Year] Follow @arra Contact: email@example.com (Pub. Since July, 2006)Home Page
One of the penalties for refusing to participate in politics
is that you end up being governed by your inferiors. -- Plato
Wednesday, October 21, 2015
They Knew! Obamacare Co-ops Would Fail!
Billions Lost As ‘One-Third Of Obamacare Co-Ops Are Now Officially Dead’
SEN. MITCH MCCONNELL (R-KY):“Barely a week goes by that we don’t see another harmful consequence of this poorly conceived, badly executed law. Despite repeated Obama administration bailout attempts, this is the latest in a string of broken promises with real consequences for the people of Kentucky who may now be losing the health insurance they had and liked twice within the past three years because of Obamacare’s failures.” (Sen. McConnell, Press Release, 10/9/15)
2011 Flashback: ‘Obama Administration … Said Roughly One-Third Of Those Loans Could End In Default’
“The Obama administration on Monday rolled out nearly $4 billion in loans for a program established by the healthcare reform law, but said roughly one-third of those loans could end in default. The loans will help establish insurance co-ops, a nonprofit model created by the reform law. … HHS’s proposed rule on co-ops, released Monday, estimates a default rate of 40 percent for the planning loans and 35 percent for the solvency loans.” (“HHS To Loan $4B For Health Co-Ops, Says One-Third Might Default,” The Hill, 7/18/11)
‘Future Of An Obamacare Program … Increasingly In Doubt’
“The future of an ObamaCare program that was intended to create non-profit insurers is increasingly in doubt, with several of the ventures forced to close down around the country. On Friday, co-op insurance plans in Colorado and Oregon became the latest to call it quits, following the closure of similar plans this month in Tennessee, Kentucky and New York.” (“Obamacare Co-Ops At Risk Of Failing After Billions In Loans,” The Hill, 10/17/15)
KENTUCKY:“Kentucky’s nonprofit health insurer set up under ObamaCare is shutting down because of financial problems, the latest in a string of closures for the nonprofit plans around the country. Kentucky Health Cooperative, a nonprofit insurer known as a co-op, explained that it could not stay financially afloat… The Kentucky co-op provides insurance for 51,000 people, who will lose their plans at the end of the year.”(“Kentucky Nonprofit Health Insurer To Shut Down,” The Hill, 10/9/15)
TENNESSEE “Community Health Alliance (CHA) has voluntarily entered state-approved runoff and will not offer insurance coverage in 2016. The runoff decision came after careful analysis of the company’s current and future financial condition and lengthy discussions involving the Centers for Medicare & Medicaid Services, the Tennessee Department of Commerce & Insurance (TDCI) and CHA. Created as a Consumer Operated and Oriented Plan (CO-OP) under the Affordable Care Act, CHA has approximately 27,000 enrollees.”(Tennessee Dept. Of Commerce & Insurance, Press Release, 10/14/15)
COLORADO: “Colorado's biggest nonprofit health insurer announced its closure Friday, forcing nearly 83,000 Coloradans to find a new insurer for 2016. Colorado HealthOP announced Friday that the state Division of Insurance has said it can't keep selling health insurance.” (“Largest Health Insurer On Colorado Exchange Collapses,” AP, 10/16/15)
NEBRASKA & IOWA: “The federal government could be out more than $140 million by the time a defunct Iowa health-insurance cooperative's finances are settled, a new court filing suggests. CoOportunity Health, which was created under the Affordable Care Act, went belly up last December after losing millions of dollars. Its financing included $147 million in loans from the federal government. That money was used to launch the company in 2012 and then to keep it afloat as it sold health-insurance policies to about 110,000 people in Iowa and Nebraska. … CoOportunity was one of 23 health insurance co-ops set up under the Affordable Care Act, also known as Obamacare. It was the first to fail.”(“CoOportunity Failure Could Cost Feds $140 Million,” The Des Moines Register, 8/3/15)
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