Largest Obamacare Healthcare Co-op to Close

Looks like more Obama.Care bad news.

The largest healthcare co-op is busted and is shutting down.

Even after getting million$ from the government (aka taxpayers), they can't seem to operate successfully.

And on top of this, other co-ops are breaking down too.

Now people must get insurance from somewhere else.

If you like your new policy you can keep your new policy !!

Largest Obamacare Healthcare Co-op to Close

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.

Feds Admit More Obamacare Co-Op Flops Ahead

Federal officials admitted for the first time Monday that the collapse of the largest and most costly of nearly two dozen Obamacare-funded health insurance co-ops may not be the program’s last failure.

The admission followed the collapse Friday of Health Republic of New York after regulators ordered the co-op “to cease writing new health insurance policies,” leaving 155,000 customers scrambling to find new coverage by the end of the year.

“If a co-op has solvency issues, and we cannot rule out that others may this year, we will work with the states so that consumers have affordable options on the marketplace,” said Department of Health and Hhuman Services spokesman Aaron Albright. “As a startup business, we recognize not all will succeed.” Albright is a spokesman for the department’s Centers for Medicare and Medicaid Services (CMS), which administers Obamacare.

Obama.Care Failure

Fumble-Flop !!

a reply to: xuenchen

Excluding sheeple and kool-aid drinkers.... did anyone who thoughtfully pondered the ACA see any outcome other than this?

Don't worry sheeple, our brave politicians, Democrats & Republicans will come up with a cure.... and it's only going to cost "YOU" more tax dollars.

So seriously, what are people suppose to do?

You MUST buy health insurance.
Too bad not only can you not afford it, but soon you will have fun trying to find someone to sell it to you.

A bad plan, that just keeps getting worse.

a reply to: xuenchen

As expected.

The sooner this ends the better.

Give it a month or more and I'm pretty sure Obama will regret having his named tied to this thing, that is if he already dose not.

a reply to: ObjectZero

I dunno. I think he will continue to say how much of a success it is... and his cult followers will echo that for the ages.

Now you know why Clinton, and Sanders is pushing 'uni' care.

They ALL knew the ACA was a FAILURE before it ever began.

originally posted by: manuelram16
Don't worry sheeple, our brave politicians, Democrats & Republicans will come up with a cure.... and it's only going to cost "YOU" more tax dollars.

oh no!!...not more taxes....screw that, we need to throw those millions of pesky poor people out of the health care system, and get back to normal....you know, if you don't have the money, you're out of luck.....AHH!!!....the smell of freedom

originally posted by: neo96
Now you know why Clinton, and Sanders is pushing 'uni' care.

They ALL knew the ACA was a FAILURE before it ever began.

yeah, and so did the republicans...that's why they did not want universal health care, they knew it would work and Obama would get credit for it.....

a reply to: jimmyx

The Cloward–Piven strategy is a political strategy outlined in 1966 by American sociologists and political activists Richard Cloward and Frances Fox Piven that called for overloading the U.S. public welfare system in order to precipitate a crisis that would lead to a replacement of the welfare system with a national system of "a guaranteed annual income and thus an end to poverty"

a reply to: jimmyx

Not throwing good money after bad is just common sense. They gambled and lost, doubling down will just mean more losses.
You might as well say it's racist not to support this while your throwing the poor into this.

a reply to: greencmp

ugg, this is not a good thing...how many more will flop...

You can bet your bottom dollar, the "non-profit" board members got plenty of $$$$ though. Just like too many of Obama's big ideas (Solyndra anyone?) they don't have a clue how to implement and manage anything.

All they know how to do is tax, funnel, drain, and fail. But that Big Ole Money Tree called the American Taxpayer is getting fed up with the ineptitude of these socialist idiots that can't succeed at anything.

Government schemes to funnel taxpayer money into pet projects run by so-called non-profit cronies....that is all these co-ops are, imo.

originally posted by: research100
a reply to: greencmp

ugg, this is not a good thing...how many more will flop...

I don't know but, I could never understand how anyone would feel comfortable placing their health care in the hands of the trustees of their retirement accounts.

I think we need private health care, not like we used to have because it had always been heavily regulated and subsidized the whole time, truly private.

originally posted by: jimmyx

originally posted by: neo96
Now you know why Clinton, and Sanders is pushing 'uni' care.

They ALL knew the ACA was a FAILURE before it ever began.

yeah, and so did the republicans...that's why they did not want universal health care, they knew it would work and Obama would get credit for it.....

Obama got credit for funneling 2 billion to some buddies running the clean energy start up that folded the day after the check cleared as well.. But is that a good thing?

originally posted by: jimmyx

originally posted by: neo96
Now you know why Clinton, and Sanders is pushing 'uni' care.

They ALL knew the ACA was a FAILURE before it ever began.

yeah, and so did the republicans...that's why they did not want universal health care, they knew it would work and Obama would get credit for it.....

Hows that ?

No Republican voted for it.

a reply to: xuenchen

What amazes me is that there are still people out there--'intelligent' people, in many cases--who still think that the ACA was not destined to fail from the start.

It amazes me, as if your average person can not employ simple math and critical-thinking skill at the same time. Or even separately, as the case seems to be.

Cloward and Piven.....

Overwhelm the system.......

Is anyone actually surprised that this is going exactly to plan?

originally posted by: SlapMonkey
a reply to: xuenchen

What amazes me is that there are still people out there--'intelligent' people, in many cases--who still think that the ACA was not destined to fail from the start.

It amazes me, as if your average person can not employ simple math and critical-thinking skill at the same time. Or even separately, as the case seems to be.

Their brightest minds couldnt even get the website to work right how basic is that, theres no way this wasnt setup to do exactly what its doing......