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Thread: First Obamacare Co-op Goes Bankrupt (could cost taxpayers $140 million)

  1. #1

    First Obamacare Co-op Goes Bankrupt (could cost taxpayers $140 million)

    First Obamacare Co-Op To Fail Could Cost Taxpayers Over $140 Million
    http://dailycaller.com/2015/08/04/fi...r-140-million/
    Sarah Hurtubise (04 August 2015)

    The first Obamacare-created insurer to go under could cost federal taxpayers up to $140 million, according to a new court filing.

    CoOportunity Health, a nonprofit insurer created with $147 million in federal taxpayer loans as a result of the Affordable Care Act, was taken over by the state of Iowa in 2014 and declared insolvent in March of this year. Now the company’s ability to repay its loans may be looking grim, The Des Moines Register reports.

    Daniel Watkins, a lawyer designated as the special deputy liquidator charged with helping dissolve CoOportunity Health, which formerly served Iowa’s and Nebraska’s Obamacare exchanges, filed a status report Friday in Iowa’s Polk County District Court, raising more questions about CoOportunity’s financial status.

    [... full article at link: http://dailycaller.com/2015/08/04/fi...r-140-million/ ...]

    CoOportunity is the first Obamacare co-op to go under, but it will already be joined by a second this year. Louisiana Health Co-operative will shut down Dec. 31, 2015, according to Modern Healthcare. In all, at 19 of 23 nonprofits created by the law, losses exceeded the companies’ own projections for the first year of Obamacare’s operation.

    (RELATED: After Billions In Loans, Almost All Obamacare Co-Ops Were In The Red After Obamacare’s First Year)

    Six co-ops are in especially deep financial trouble due to low enrollment and other pressures — but those haven’t yet been identified by federal officials.

    (RELATED: Obama Administration Refuses To Identify Troubled Healthcare Co-Ops)
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  3. #2
    You don't say.
    "Liberty lies in the hearts of men and women; when it dies there, no constitution, no law, no court can save it; no constitution, no law, no court can even do much to help it."
    James Madison

    "It does not take a majority to prevail ... but rather an irate, tireless minority, keen on setting brushfires of freedom in the minds of men." - Samuel Adams



    Μολὼν λάβε
    Dum Spiro, Pugno
    Tu ne cede malis sed contra audentior ito

  4. #3
    Quote Originally Posted by puppetmaster View Post
    You don't say.
    Yes, truly shocking stuff.

    Almost as if they predictably bilked the government, or rather the people, out of tens of millions of dollars.
    “The nationalist not only does not disapprove of atrocities committed by his own side, but he has a remarkable capacity for not even hearing about them.” --George Orwell

    Quote Originally Posted by AuH20 View Post
    In terms of a full spectrum candidate, Rand is leaps and bounds above Trump. I'm not disputing that.
    Who else in public life has called for a pre-emptive strike on North Korea?--Donald Trump

  5. #4
    This is why we need socialized medicine.

  6. #5
    Quote Originally Posted by Occam's Banana View Post
    First Obamacare Co-Op To Fail Could Cost Taxpayers Over $140 Million
    http://dailycaller.com/2015/08/04/fi...r-140-million/
    Sarah Hurtubise (04 August 2015)

    The first Obamacare-created insurer to go under could cost federal taxpayers up to $140 million, according to a new court filing.

    CoOportunity Health, a nonprofit insurer created with $147 million in federal taxpayer loans as a result of the Affordable Care Act, was taken over by the state of Iowa in 2014 and declared insolvent in March of this year. Now the company’s ability to repay its loans may be looking grim, The Des Moines Register reports.

    Daniel Watkins, a lawyer designated as the special deputy liquidator charged with helping dissolve CoOportunity Health, which formerly served Iowa’s and Nebraska’s Obamacare exchanges, filed a status report Friday in Iowa’s Polk County District Court, raising more questions about CoOportunity’s financial status.

    [... full article at link: http://dailycaller.com/2015/08/04/fi...r-140-million/ ...]

    CoOportunity is the first Obamacare co-op to go under, but it will already be joined by a second this year. Louisiana Health Co-operative will shut down Dec. 31, 2015, according to Modern Healthcare. In all, at 19 of 23 nonprofits created by the law, losses exceeded the companies’ own projections for the first year of Obamacare’s operation.

    (RELATED: After Billions In Loans, Almost All Obamacare Co-Ops Were In The Red After Obamacare’s First Year)

    Six co-ops are in especially deep financial trouble due to low enrollment and other pressures — but those haven’t yet been identified by federal officials.

    (RELATED: Obama Administration Refuses To Identify Troubled Healthcare Co-Ops)
    Thank goodness Boehner and McConnell are here to save the day. NOT.

  7. #6
    Quote Originally Posted by angelatc View Post
    This is why we need socialized medicine.
    Exactly, this calls for Medicare for all 😷🏥

  8. #7
    What do them Dems do on Fri and Sat ? have a party or fund raise ??

  9. #8



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  11. #9
    But at least I can get birth control pills for my penis. I tape mine to my balls.
    Dishonest money makes for dishonest people.

    Andrew Napolitano, John Stossel. FOX News Liberty Infiltrators.


    Quote Originally Posted by Inkblots View Post
    Dr. Paul is living rent-free in the minds of the neocons, and for a fiscal conservative, free rent is always a good thing
    NOBP ≠ ABO

  12. #10
    Quote Originally Posted by roho76 View Post
    But at least I can get birth control pills for my penis. I tape mine to my balls.
    And you may even be covered for a hysterectomy, too! (Ain't government-regulated and/or government-mandated health insurance grand?)

  13. #11
    They were never designed to succeed, they were designed for people at the top to make a crapload of money off of them upfront, cash out and then watch the ship sink and the taxpayers suck up the losses.

    Some days i wonder when the riots will start and others i wonder why i'm not out there starting them myslef



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