Obamacare is making huge progress of sorts. Of the original 23 co-op sponsors the score is 17 down and only 6 to go.
Please consider Another ObamaCare Co-Op Folds, Leaving Only 6 Remaining.
Health Republic Insurance of New Jersey is folding after the state’s insurance commissioner put the Obamacare co-op in “rehabilitation” due to its hazardous financial condition.
The co-op had a liability of $46.3 million under the Affordable Care Act’s risk adjustment program, according to the New Jersey Department of Banking and Insurance.
The closing will force 35,000 customers served by the New Jersey co-op to find a new plan in 2017.
The co-op was initially awarded $107.2 million in taxpayer-funded loans in 2012 and received an additional $1.9 million in 2013.
The New Jersey co-op is the 17th Obamacare co-op to collapse, joining other co-ops that have failed including two in Oregon, one each in Illinois, Connecticut, Arizona, Colorado, Kentucky, Michigan, Nevada, New York, Ohio, South Carolina, Tennessee, Louisiana and Utah, as well as a co-op that served both Iowa and Nebraska.
This leaves only six co-ops in existence of the 23 that were originally created under Obamacare.
Musical Tribute
Mike “Mish” Shedlock
Mish, tying this in with Stockman on crony capitalism, who profited from Obama care? And I’m surprised that businesses like health republic haven’t knocked on obamas door asking for bailout or infusion of cash. Cash that the board members can sweep into their private bank accounts at the expense of taxpayers, then close their doors.
Who said businesses like health republic haven’t knocked on obamas door asking for bailout?
Looks like Mr. Market is doing to Obamacare what the Republicrats were pretending to do.
You sir are right on….well said
Looks like health republic did get taxpayer cash!! What’s it like getting a fat paycheck health republic knowing that the ship will sink soon, then stuffing your pockets with the treasure as you climb into your one man boat. FU Obama and FU to the people who gave them taxpayer funded loans.
Mish– Have you had a chance to look at the 2015 income report that was released yesterday by the Bureau of Census. The headlines were a bit over the top, eg “U.S. Household Incomes Surged 5.2% in 2015”, in WSJ. (although they did note it was the first gain since 2007)
Thanks
Obamacare is going down nearly as fast as the evil invalid.
Good! Soon these are all gone and the gov can take over.
The problem with the co-ops is they are Obamacare pure plays. Obamacare gets all of the people who are so sick that they can’t work, but still have enough money (maybe because they have an employed spouse) that they can’t go on Medicare. The established insurance companies can subsidize some of the Obamacare losses with other, very profitable, insurance lines.
As long as their is no mechanism to control growth in healthcare costs, the co-ops must die. And eventually, even the main line insurance companies.
Amazing that no one, in the entire world, has figured out how to contain healthcare costs!
For the first million or so years of human existence, until around 1950, humans had no problem containing health care costs. It’s not exactly rocket science, after all. Then, governments got involved……….
This was never supposed to work. It was only ever intended to be a doorway to a single payer system.
Exactly.
Maybe the ultimate goal of Obamacare was to migrate to a single payer universal healthcare system. Obamacare was basically written by the crony capitalists who would benefit most,drug companies, hospitals and some of the big insurers. Even though I am not a socialist I do believe all americans should have health care. Single payer systems are far from perfect but our costs on average are double those of the rest of the industrialized world and we have worse, below average healthcare outcomes. A great resource on this is the book The Healing of Americas, by TR Reid.
Why would big insurers back a plan to migrate to a single payer universal healthcare system?
Obama planned his exit perfectly. Somehow he’s kept his finger in the dike and the disaster will happen to the next President. Obamacare will go down in a torrent of flames in 2017-18 and they’ll (pols and the media) try to pin the blame on Trump.
The last item on Obama’s agenda will be to commute the prison sentences of all his buddies before he exits the back door of the White House.
That will be his final FU to the American people.
Interim DNC Chair Warns Not to Look at New Hack — Could Have Malware!
Sep 14, 2016
https://pjmedia.com/trending/2016/09/14/interim-dnc-chair-warns-not-to-look-at-new-hack-could-have-malware/
“Interim Democratic National Committee Chair Donna Brazile warned against perusing the documents released in the latest DNC hack, alleging that they could have viruses which damage your computer. Brazile urged caution for anyone attempting to download the documents, ‘given the potential malware risks.'”
Some of the “malware”:
Pamela Hamamoto paid DNC $605,000 then became the Permanent Representative of the United States of America to the United Nations and Other International Organizations in Geneva.
Jane Hartley paid DNC $605,000 and then was nominated by Obama to serve concurrently as the U.S. Ambassador to the French Republic and the Principality of Monaco.
Crystal Nix-Hines paid DNC $600,000 and then was nominated by President Obama to the position of United States Permanent Representative to the United Nations Educational, Scientific and Cultural Organization with the rank of Ambassador.
Bruce J. Oreck donated $1,136,613 to the DNC and served as US ambassador to Finland 2009 to 2015.
Robert A. Mandell donated $1,121,250 to the DNC then President Obama named Mandell the Ambassador to Luxembourg in June 2011.
Julius Genachowski donated $3,494,919 toDNC and served as Chairman of the FCC from 2009 to 2013.
Karol Mason donated $856,000 to the DNC and Obama appoints her as Assistant Attorney General, Office of Justice Programs.
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