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400,000 Citizens To Lose Health Insurance (Again) Because Of Obamacare Co-Op Failures...
d2d
Member Posts: 3,109
I know, everybody lies except Hillary (MSM doesn't ask about it) & Bernie the Commie. (They don't ask Bernie either.)
FORBESforbes.com/sites/gracemarieturner/2015/10/10/400000-citizens-to-lose-health-insurance-again-because-of-obamacare-co-op-failures/
The two largest state health insurance co-operatives created as part of a grand ObamaCare experiment have announced they are closing at the end of this year, joining others that have failed and even more that are insolvent and likely to fail.
The Kentucky Health Cooperative announced on Friday it is going out of business and will not enroll new members next year, leaving 51,000 members to find other coverage. It had the second-largest co-op enrollment in the country, garnering 75% of people who enrolled in coverage through the state’s health exchange.
It joins Health Republic Insurance of New York—the largest health co-op with more than 150,000 members—which announced last month that it was folding. That follows the declaration of insolvency by CoOportunity Health in Iowa and Nebraska and the failures of the Louisiana Health Cooperative and Nevada Health CO-OP. A total of 400,000 citizens are being impacted—so far.
Kentucky’s co-op had been awarded $146.5 million in taxpayer loans, including $65 million in solvency funding as recently as November of 2014. Premium increases of more than 20% for 2016 had been approved, and the co-op had been banking on risk-protection payments from other insurers to maintain a semblance of solvency. It had asked for $77 million from the risk corridor program but just learned it was to receive only $9.7 million, according to interim CEO Glenn Jennings.
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