07-13-2016, 13:26
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#1
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Area Commander
Join Date: Feb 2004
Location: The Black Hills of SD
Posts: 5,917
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Illinois Obamacare Co-op Becomes 16th to Collapse
Just like dominos .... https://www.youtube.com/watch?v=hC1g_hLpYiw
Quote:
Illinois Obamacare Co-op Becomes 16th to Collapse
Sixteen Obamacare co-ops have now failed. Illinois announced that Land of Lincoln Health, a taxpayer funded Obamacare co-op, would close its doors, leaving 49,000 without insurance. The co-op now joins a list of 15 other Obamacare co-ops that have collapsed since Obamacare has been implemented. Failed co-ops have now cost taxpayers more than $1.7 billion in funds that may never be recovered.
Co-ops were hyped as not-for-profit alternatives to traditional insurance companies created under Obamacare. The Centers for Medicare and Medicaid Services (CMS) financed co-ops with startup and solvency loans, totaling more than $2.4 billion in taxpayer dollars. They have failed to become sustainable with many collapsing amid the failure of Obamacare exchanges.
Since September, 13 Obamacare co-ops have collapsed, with only seven of the original 23 co-ops remaining. Illinois’ Land of Lincoln co-op faced losses of $90 million last year and is suing the federal government for the deficit caused by Obamacare. Co-ops across the country have struggled to operate in Obamacare exchanges, losing millions despite receiving enormous government subsidies.
The mass failure of co-ops should not be surprising. Larger insurance companies have also struggled to operate in Obamacare exchanges with many announcing they will stop providing coverage.
The web of government subsidies have also failed to provide insurances the funds they were promised. One of these programs – risk corridors -- recouped just 12.6 percent of the funds that insurers requested. The program, which was created to encourage insurers to take on higher risk individuals by transferring funds from insurers who made money to those that posted losses, was required to be budget neutral under law leaving Obamacare insurers with a significant shortfall.
Obamacare co-ops have also been plagued by inept management and unrealistic business models.
As a report by the Daily Caller’s Richard Pollock found, 17 of the 21 co-ops paid out gratuitous salaries to executives reaching as high as $587,000, which is more than four times as much as the $135,000 median health insurance executive salary. Worse still, many of these executives had little to no experience in the insurance industry and some of these excessive salaries were disguised in financial documents as “management fees.” Last year, 21 of 23 co-ops posted losses.
Given the trend of failing Obamacare co-ops, the collapse of the Illinois co-op will not be the last.
A list of all failed co-ops and their cost to taxpayers compiled by the House Energy and Commerce Committee is found below:
CoOportunity Health - Iowa and Nebraska
Cost: $145,312,100
Louisiana Health Cooperative, Inc.
Cost: $65,790,660
Nevada Health Cooperative
Cost: $65,925,396
Health Republic Insurance of New York
Cost: $265,133,000
Kentucky Health Care Cooperative - Kentucky and West Virginia
Cost: $146,494,772
Community Health Alliance Mutual Insurance Company - Tennessee
Cost: $73,306,700
Colorado HealthOp
Cost: $72,335,129
Health Republic Insurance of Oregon
Cost: $60,648,505
Consumers' Choice Health Insurance Company - South Carolina
Cost: $87,578,208
Arches Mutual Insurance Company – Utah
Cost: $89,650,303
Meritus Health Partners – Arizona
Cost: $93,313,233
Consumers Mutual Insurance – Michigan
Cost: $71,534,300
InHealth Mutual – Ohio
Cost: $129,225,604
HealthyCT – Connecticut
Cost: $127,980,768
Oregon Health’s CO-OP – Oregon
Cost: $56,656,900
Land of Lincoln Health – Illinois
Cost: $160,154,812
TOTAL TAXPAYER DOLLARS: $1,711,040,390
Note: This total does not include Vermont’s CO-OP, which was denied an insurance license by the state, and was dissolved before enrolling a single person.
http://www.atr.org/illinois-obamacar...-16th-collapse
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Sdiver is offline
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07-13-2016, 13:27
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#2
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Quiet Professional
Join Date: Jun 2007
Location: Hope Mills, NC
Posts: 2,757
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Well, some have said it was set up to fail....one step closer to .gov take over...
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Out of all the places I've been, this is one of'em....
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glebo is offline
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07-13-2016, 13:46
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#3
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Quiet Professional
Join Date: Feb 2009
Location: Northwest AR
Posts: 489
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CVNT is now calling for the "public option"
http://www.washingtontimes.com/news/...de-a-public-o/
End game is socialized medicine so they can control what care you get (and if you don't follow party lines what care you and your family won't get)
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doctom54 is offline
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07-13-2016, 20:17
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#4
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Quiet Professional
Join Date: Oct 2007
Location: Washington
Posts: 2,053
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You can't get to a single payer system without the exchanges failing. The plan is proceeding as designed.
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Grando autem duodecimo hominis
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Divemaster is offline
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08-16-2016, 12:17
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#5
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Area Commander
Join Date: Nov 2004
Location: Lone Star
Posts: 2,153
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more and more
http://www.npr.org/sections/health-s...from-obamacare
this is just unpatriotic. How dare this company refuse to support the Great Leader initiative
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"we also rejoice in our sufferings, because we know that suffering produces perseverance; perseverance, character; and character, hope" Rom. 5:3-4
"So we can suffer, and in suffering we know who we are" David Goggins
"Aide-toi, Dieu t'aidera " Jehanne, la Pucelle
Der, der Geld verliert, verliert einiges;
Der, der einen Freund verliert, verliert viel mehr;
Der, der das Vertrauen verliert, verliert alles.
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frostfire is offline
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08-16-2016, 14:10
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#6
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Quiet Professional
Join Date: Sep 2010
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^^^^^Fuck them. They lobbied for Obamacare. Let them reap the whirlwind.
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sinjefe is offline
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08-16-2016, 16:15
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#7
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Area Commander
Join Date: Jul 2016
Location: Texas, USA
Posts: 1,585
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Quote:
Originally Posted by sinjefe
^^^^^Fuck them. They lobbied for Obamacare. Let them reap the whirlwind.
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I agree.
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bblhead672 is offline
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08-16-2016, 19:57
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#8
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Quiet Professional
Join Date: Jan 2008
Location: Tampa
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Quote:
Originally Posted by sinjefe
^^^^^Fuck them. They lobbied for Obamacare. Let them reap the whirlwind.
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You insensitive oaf. Where is your compassion? What about those poor chillens?
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Joker is offline
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08-17-2016, 06:51
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#9
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Quiet Professional
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I am waiting for when this becomes headline news.
Waiting... Waiting...
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abc_123 is offline
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08-18-2016, 05:23
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#10
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Quiet Professional
Join Date: Nov 2012
Location: Harrisburg, PA
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Quote:
Originally Posted by glebo
Well, some have said it was set up to fail....one step closer to .gov take over...
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BINGO!!!
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Trapper John is offline
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08-18-2016, 06:01
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#11
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Quiet Professional
Join Date: Feb 2005
Location: Fayetteville
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Killed
Quote:
Originally Posted by abc_123
I am waiting for when this becomes headline news.
Waiting... Waiting...
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It's been killed by the MSM. Story was published that they were only doing it because they were pissed the government stopped their merger. The left picked it up and started with the "evil big medicine - why we need single payer" song and dance.
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Pete is offline
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08-18-2016, 06:52
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#12
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Quiet Professional
Join Date: Mar 2005
Location: Savannah, GA
Posts: 2,292
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Quote:
Originally Posted by Pete
It's been killed by the MSM. Story was published that they were only doing it because they were pissed the government stopped their merger. The left picked it up and started with the "evil big medicine - why we need single payer" song and dance.
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But the press can't spend enough time spreading doom and gloom about Trump IOT make his run seem hopeless and devoid of ideas and suppress voter turnout in November.
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The Main Thing is to keep the Main Thing the Main Thing
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abc_123 is offline
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08-18-2016, 07:23
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#13
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Quiet Professional
Join Date: Jun 2007
Location: Sneaking back and forth across the Border
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It is funny when I go in to Urgent Care or my doctor. I go in and rarely sit for 1-2 minutes while others have been there before me. I have joked with the staff and the doctor about obamacare and my insurance. They all respond that they love my plan and obamacare is killing them. Last time in I asked the doctor how I get in so fast and he smiled and said you have real insurance and you do not have to wait. I do appreciate it I told him. They are going to have to change what plans they accept or they will not be able to pay the bills. Obamacare is killing the hospitals here and I can see why providers are dropping it.
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SF_BHT is offline
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08-18-2016, 08:03
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#14
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Area Commander
Join Date: Jul 2009
Location: Indianapolis
Posts: 2,086
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Quote:
Obamacare is killing the hospitals here and I can see why providers are dropping it.
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The plan is working perfectly. President Hillary promises to force Congress to pass a law fixing it.
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Daniel
GM1 USNR (RET)
Si vis pacem, para bellum
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Streck-Fu is offline
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08-18-2016, 08:35
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#15
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Quiet Professional
Join Date: Mar 2005
Location: Savannah, GA
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Quote:
Originally Posted by Streck-Fu
The plan is working perfectly. President Hillary promises to force Congress to pass a law fixing it.
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I would tend to agree. The primary goal was to get something passed...knowing full well that it's hard to undo any good idea once enacted and the tenticles of big government are given enough time to grow.
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The Main Thing is to keep the Main Thing the Main Thing
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