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First Obamacare Co-Op To Fail Could Cost Taxpayers Over $140 Million
http://dailycaller.com/2015/08/04/f...o-fail-could-cost-taxpayers-over-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/f...o-fail-could-cost-taxpayers-over-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)
http://dailycaller.com/2015/08/04/f...o-fail-could-cost-taxpayers-over-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/f...o-fail-could-cost-taxpayers-over-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)
